ScottMelker

ScottMelker

Nice move. Yesterday had a massive daily candle, moving from ~105K to ~110K. The volume was less than impressive, which should always give us a bit of pause, but still a nice upside pop through a key level of resistance. The all time high is in site - we need to see it break on volume convincingly.

ScottMelker

Ethereum is in an interesting spot. It is sandwiched between the weekly 50 and 200 MAs, both key areas to watch on any chart. It has been trading between these lines for the better part of 6 weeks, astounding compression and consolidation. A close above the 50 would signal major upside is likely, while a close back below would mean this run is likely over. As you...

ScottMelker

Bitcoin continues to defy expectations. What looked like a clean head and shoulders breakdown just days ago has now flipped into a textbook fakeout. Price broke the neckline with conviction – only to reverse hard and bounce perfectly off the 50-day moving average, a key level that’s now acting as support. Since that breakdown, we've seen four strong green candles...

ScottMelker

The Bitcoin daily chart is presenting a technically rich picture, with clear structure and key moving average interactions. Most notably, we’ve seen a breakdown from a classic head and shoulders pattern. The neckline has been broken decisively and is now being retested from below – a common behavior when former support becomes resistance. Traders often watch this...

ScottMelker

Today, I want to take a look at the Bitcoin chart using Trading Alpha. This is an indicator suite that I often reference, and the creator Wick is often on my shows. The daily chart paints a shaky picture for Bitcoin (weekly still looks great). As you can see, we have multiple top signals (Ts), which have been confirmed by down candles the next day. We also lost...

ScottMelker

Today, I’m revisiting the Ichimoku Cloud system – a tool I used extensively in the past and still find incredibly useful for adding context to market structure. While I don’t use it as a primary system these days, it’s a fantastic way to gain a different perspective on price action, trend strength, and key support/resistance areas. The Ichimoku system, at its...

ScottMelker

Bitcoin remains incredibly strong, trading near all-time highs. The structure is undeniably bullish, with price continuing to hold above key moving averages and previous resistance levels. The volume profile is healthy and supportive of the uptrend. That said, I always like to challenge my own bias and look at the other side of the coin. Let’s rewind to 2021 -...

ScottMelker

Bitcoin has pulled back slightly after the recent surge, currently holding above the $105,500 area, which was previously resistance. This level could now act as support, though it’s early to call. The overall market structure remains bullish, with price trading above both the 50-day and 200-day moving averages, and the moving averages themselves still aligned in a...

ScottMelker

Bitcoin has cleanly broken above multiple resistance levels and is holding above $109,358, showing strong bullish momentum. The golden cross between the 50 MA and 200 MA (visible in earlier charts) continues to play out as a bullish confirmation. After retesting and bouncing from the $88,804 level in late April, Bitcoin has been in a strong uptrend. Volume is...

ScottMelker

Bitcoin just completed a golden cross on the daily chart – the 50-day moving average has crossed above the 200-day moving average. This is the third golden cross we've seen since late 2023. Each time, it followed a death cross (where the 50 MA crossed below the 200 MA), which tends to occur at or near cycle bottoms – often a lagging indicator of bearish...

ScottMelker

Bitcoin just flipped the script. After multiple days of confirmed bearish divergence on the daily RSI – one of my favorite signals – price has now decisively pushed higher, likely invalidating the setup. This is a strong reminder that no signal is right all the time, and market context always matters more than indicators in isolation. We now have a new all-time...

ScottMelker

Bitcoin Dominance rose for over a week, causing altcoins to once again underperform Bitcoin as it rose to new highs. This is normal in a real cycle - Bitcoin goes up, then sideways, altcoins go up, then the interest goes quickly back to Bitcoin. It is difficult to play the moves, but exciting to see the trend return after many years. Today, once again, we have...

ScottMelker

Bitcoin remains perched near the recent highs but continues to show signs of exhaustion. We now have a confirmed bearish divergence on the daily RSI - price made a new high while momentum failed to follow through. That kind of signal, especially coming out of overbought territory, typically warrants caution. So far, Bitcoin has held above the key $106,159 level,...

ScottMelker

We now have a confirmed bearish divergence on the daily chart. Price printed a higher high while RSI made a lower high and rolled over out of overbought territory – a classic warning signal. This divergence has been brewing across multiple time frames, and now we’re seeing it confirmed on the daily. The recent push to new highs came on low volume over the...

ScottMelker

Yesterday’s daily and weekly candle closes were the highest in Bitcoin’s history – a strong bullish technical signal in theory. But almost immediately after the close, price reversed sharply, casting doubt on the breakout above $106,000. More importantly, we’re seeing a potential bearish divergence developing. Price made a higher high, while RSI printed a lower...

ScottMelker

I was looking for a local top in Ethereum and altcoins, and somehow forgot to mention this yesterday. Ethereum has bearish divergence with over bought RSI on every time frame from the daily down. This was a great topping signal, but also should indicate a bit more downside. The difference now is that I am looking to buy dips, not sell rips on altcoins.

ScottMelker

Price is now moving back toward the $99,517 support – the previous breakout level that had served as resistance for much of April. A retest of this zone, ideally with a bounce, would be constructive and could confirm it as a new support. Keep in mind these levels are zones of interest, not exact lines – a wick below or above is entirely normal. Volume has...

ScottMelker

Price continues to consolidate just below the $106,099 level after a strong breakout and parabolic move from sub–$89K. This rangebound behavior is healthy – especially after such an aggressive leg up – and could serve as a launchpad for continuation if bulls remain in control. The $99,517 area remains the closest key support, previously acting as resistance and...