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BTC $47666.19 (-0.7%)
ETH $3578.65 (1.47%)
USDT $1.00 (0.01%)
BCH $638.31 (-1.8%)
BSV $157.51 (0.43%)
LTC $186.68 (1.27%)
BNB $424.70 (-1.1%)
ADA $2.42 (-3.9%)
DOGE $0.24 (-2.4%)

Scott Melker’s BTC Price Analysis — Will Bitcoin Go Up or Down?

Scott-Melker-BTC-Price-Analysis
  • Crypto analyst Scott Melker, The Wolf of All Streets, published his take on BTC.
  • Melker notes that there’s a potential bullish divergence, coming out of oversold.
  • He also mentioned that he is waiting for a retest of the 40k – 42k area.

Prominent technical analyst Scott Melker, dubbed as The Wolf of All Streets, recently shared his analysis on Bitcoin’s price action. He published a series of tweets to see how BTC may perform in the near future.

Chart 1:

In the tweet above, Melker talked about the ascending channel. He noted that it’s a reasonable area for a bounce in case the correction will be small. For those who are not familiar with the ascending channel is the price action enclosed between upward sloping parallel lines.

Chart 2:

In the second chart that Melker shared, he showed an hourly analysis of Bitcoin’s Relative Strength Index (RSI). He noted that there may be a potential bullish divergence in the RSI. This means that there may be a rising momentum that can be used by traders to signify taking new long positions.

Chart 3:

Lastly, Melker shared that he is waiting for a healthy retest of the 40k – 42k area. According to him, this will convince him of the strength of the price movement.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.