ScottMelker

ScottMelker

Last week’s candle had an ugly close, with a small body and large wick up. This is a sign of sellers stepping in and pushing price down - not a surprise on the first attempt at breaking all time high resistance. Trading Alpha is still showing grey dots, meaning the bullish trend is intact. I am not worried here at all, just waiting for the election to pass to...

ScottMelker

Bitcoin came within a few hundred dollars of a new all time high - then flushed leverage and dropped back below $70K. Not unexpected. Today’s candle looks potentially very bullish, with a long wick down below support. We need to see it close up here. Things still look great.

ScottMelker

Consolidation under resistance usually leads to expansion. Sitting just under the previous all time high and gathering strength is actually what we want to see. It is likely only a matter of time before Bitcoin breaks up again.

ScottMelker

I am sorry to continue to beat a dead horse, but the altcoin cycle has not begun yet. Dominance just reached 60%, meaning that Bitcoin continues to put the smack down on your favorite smaller tokens. Long term, this could be a time to scale in, but if you are trading, there’s no confirmation yet that altcoins are set to outperform.

ScottMelker

Bitcoin has FINALLY broken above $70,000, making a higher high for the first time since the all time high in March. This has been the level to watch for months. Anything can happen in markets, but from a technical perspective the bearish arguments are dead, alongside the bearish market structure of lower highs and lower lows. We also have a golden cross between...

ScottMelker

As you can see, Bitcoin is still leading the charge and pounding altcoins across the board. There will be an altseason when this tops, which could be soon. But right now, Bitcoin is still the main gig in town. This continues to make new highs.

ScottMelker

Nice. Yesterday confirmed a bullish engulfing candle. bouncing beautifully off of support. We are still sideways, but this gives more confidence that there is no real local correction happening here. We still need to get above $70,000. For those who trade MA crosses, it looks like a golden cross between the 50 and 200 MAs is inevitable in the coming days.

ScottMelker

Bitcoin held support at $66,550 beautifully - it had a wick below to grab liquidity before heading back up. The last two daily candles closed and opened on that line. Things are looking better today.

ScottMelker

In yesterday’s analysis, I said that I was looking for a retest of $66,550 as support. We got that almost to the penny. Nothing alarming here at all, just a bit of retracement after a big move to the upside.

ScottMelker

We have had conspicuous bearish divergence with overbought RSI during the climb from $67,000 to $69,000. No surprise that we are seeing a pause or retrace before an attempted move above $70,000, which is the key level. It is likely we will see hidden bullish divergence if price stays here or goes lower - a lower low on RSI and a higher low on price, which would...

ScottMelker

Yesterday, I was looking for a retest of the $66,550 level as support, which happened. From a TA perspective, that means that price should head to $70,000 resistance next, but we know that charts are just ideas and not prophecy. Regardless, that’s what I will be watching for.

ScottMelker

I see nothing scary here. Right now, Bitcoin looks like it is heading back down for a retest of the $66,550 area. Even if that fails, we will look for another high low in this new sequence.

ScottMelker

Bitcoin looks like it wants to go straight to $70,000. The question remains - can it break this key level and make a higher high? The local $66,550 resistance is broken…

ScottMelker

We have a clearly defined local resistance at $65,550, exactly where the move in mid September was stifled. Price is squarely above the 200 and 50 MAs now, so most resistance is broken. Still, I want to see price above $65,500 and really $70,000 to think much of this recent move.

ScottMelker

Is Uptober finally upon us? Bitcoin has taken a huge step forward today, rising from the 62Ks to the 65ks. Nice move - but still below the $70,000 level that we really need to see broken for bulls to celebrate a new high. Things are looking good, but too soon to celebrate.

ScottMelker

Bitcoin is doing nothing at the moment. Price is trapped between the blue 50 MA and red 200 MA on the daily chart. One day we will have more exciting updates to share… for now. Boring.

ScottMelker

Bitcoin printed an ugly candle yesterday, with a long wick up and small body. This indicates that bulls were unable to make headway, finding resistance at the 200 MA. We are stuck between the 2 major moving averages… but still just chopping sideways. One day we will have something meaningful to talk about on the Bitcoin chart!

ScottMelker

Bitcoin is all over the place. October has had a weak start, to be frank, but most October gains have traditionally come in the back half of the month. Bitcoin continues to range above $60,000, with little more to report. The real party should start above $70,000. For now, the 50 MA has held as support from last week, and the 200 MA is acting as resistance.