Three Signs That Bitcoin Is Bottoming According To Crypto Trader Scott Melker

Crypto trader and analyst Scott Melker offers three signals that Bitcoin (BTC) has likely bottomed out and could see a price spike soon. In a recent tweet, Melker told his 459,500 followers that the world's flagship cryptoassets have lighted a candle, suggesting a market reversal may be on the horizon. “BTC Weekly: Likely to close like an imperfect inverted hammer. Technically, it's potentially a bullish signal when found below a downtrend. Confirmation is needed with a bullish candle next week.” Source: The Wolf of All Streets/Twitter Melker also zooms in and finds bullish signals from the Relative Strength Index (RSI), which measures the momentum of price fluctuations to determine whether an asset is overbought. According to the crypto trader, the RSI is starting to increase in the buying pressure even if the price shows signs of weakness. “BTC Daily: Confirmation of the bullish divergence I talked about yesterday, with a clear elbow on the RSI. Now invalid is the second bullish divergence with a hidden bearish divergence in between. I need to see it upside down a little more. It's like the 'bottom' which is a process. Source: The Wolf of All Streets Melker is also paying attention to Ethereum versus Bitcoin (ETH/BTC) because he says the pair is advancing at a critical level, implying that potential rallies are once broken. “Forcing key resistance with increasing volume on the daily [time frame]. Get your popcorn out. Today is important." Source: The Wolf of All Streets Bitcoin is trading at $36,872 at the time of writing and is up more than 7% in the last 24 hours, down 35.6% last month according to CoinGecko. shouldn't care." If you believe that BTC will one day be a six-figure asset, you can completely ignore the price action and cost an average of dollars with money you can afford to hide and not touch for years.

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