ScottMelker

ScottMelker

First, yesterday was one of the statistically rare times that bullish divergence fails on the Bitcoin chart, but it obviously happens. There was only a small bounce and both price and RSI made lower lows on the 4-hour chart. Bitcoin has pulled back sharply from its recent local high at $123,231, where sellers stepped in aggressively and rejected price with a...

ScottMelker

Bitcoin is showing bullish divergence coming out of oversold RSI on the 4-hour chart. As you know, this is my favorite signal. That said, I want to see a clearer “elbow up” on RSI to confirm. Remember, there was a bearish divergence with overbought RSI at the recent top… as usual.

ScottMelker

Bitcoin has broken back below $116K, losing the 50-day moving average after a sharp rejection from $123K last week. That rejection left a long upper wick – a classic signal of exhaustion – and price has since rolled over on rising volume. The key level to watch now is $112K. That was the prior resistance zone before the breakout in July, and it should act as...

ScottMelker

Just a reminder - there was overbought bearish divergence with RSI at the top of this move. This is my favorite signal, and has been for years. Extremely reliable for local tops (and bottoms).

ScottMelker

Bitcoin briefly set a new all-time high above $124,500 yesterday, but the breakout didn’t stick. Sellers stepped in quickly, pushing price back below the key resistance at $123,231 by the close. That rejection leaves us without confirmation of a sustained move into price discovery. The short-term support to watch is $122,000, with stronger backing at $115,051 – a...

ScottMelker

Bitcoin’s daily chart delivered what can only be described as the easiest trade of the bull market – a textbook retest of $112K as support. Price respected the former resistance level perfectly, bouncing cleanly and confirming it as a launchpad for the next leg higher. The move has been technically sound from start to finish. Price reclaimed and held the 50-day...

ScottMelker

@e are currently on the 4th straight daily candle that has either opened or closed at $15,051 - pretty crazy. We all know that Bitcoin is choppy, consolidating at the moment. But this has become a clear level to watch in the short term.

ScottMelker

Solana look ready to rip. As you can see, we had a golden cross between the 50 MA and 200 MA (which I shared at the time), which is now acting as clear support on the last few daily candles. Price appears to be leaving the station. It may not be full blown alt season, but it looks good for major with a narrative.

ScottMelker

The weekly chart looks downright incredible. As discussed, ETH has finally broken bearish market structure and made a higher high, also breaking above the 50 MA for the first time in years. Now it has retested those levels multiple times as support and is outpacing Bitcoin, which is trading sideways. ETH looks ready to outperform for the foreseeable future.

ScottMelker

Bitcoin topped out at \$123,231 last month and has been pulling back ever since – but not in a chaotic way. The chart tells a familiar story: bearish divergence on the RSI as price made new highs, momentum quietly faded, and eventually the inevitable correction hit. Classic. Now we’ve pulled back into the \$112,000 region, which happens to align with a critical...

ScottMelker

Bitcoin pushed as high as $123,000 after breaking out of its $105,800–$112,000 range in early July – but momentum has since cooled. Price is now consolidating just above the $112,000 breakout zone, with the rising 50‑day MA providing support around $113,000. So far, this still looks like a healthy pullback. Volume has faded on the way down – not what you'd expect...

ScottMelker

Bitcoin is putting in a textbook retest here. Price bounced cleanly off support at $112,000 – a key horizontal level that also lines up perfectly with the rising 50-day moving average. That’s classic technical behavior. The bounce looks good on the surface, but it came on low weekend volume, which always warrants a bit of caution. There’s not much conviction...

ScottMelker

Solana just printed a golden cross on the daily chart, with the 50-day moving average crossing above the 200-day. That’s usually a bullish sign, but here’s the kicker – price is sitting right at the crossover point, which is when these signals actually matter. That said, it is hard to tell if both MAs are support or resistance until the day closes. Instead of...

ScottMelker

Overbought bearish divergence. I pointed this out last week. In my mind, this is the most reliable signal for tops (bullish divergence for bottoms) that exists in technical analysis. We can see that this continues to play out, and know that it usually leads to RSI making the trip to oversold. It looks like more correction is likely, standard fare in a bull market.

ScottMelker

Bitcoin continues to chop sideways, consolidating below the all time high. Demand is high, RSI is dropping as price goes sideways. This will break out again eventually and all eyes will be back on the honey badger.

ScottMelker

Yes, I continue to share ETH and largely ignore other altcoins. There’s a reason. When ETH outperforms, you can usually throw a dart to find other altcoins that are doing well - a rising tide lifts all boats. Ethereum had an epic weekly retest of the 50 MA and previous resistance as support, before beating bought back up and turning green on the week. Incredible...

ScottMelker

Bitcoin has slipped to $116,605, down 1.5% on the day, and the daily chart is beginning to show signs of weakness following a period of sideways consolidation below key resistance. The most notable development is a clear bearish divergence on the RSI. While price pushed to a higher high around $122K earlier this month, the Relative Strength Index (RSI) made a...

ScottMelker

Bitcoin is clearly consolidating after its recent breakout above $112K. Price is chopping between roughly $116K and $121K, taking a breather after last week’s rally. Tuesday marked the highest daily close in BTC history, but follow-through has been muted so far. Volume is trending lower during this range-bound action, which is typical during consolidation. The...