Crypto analyst Scott Melker is bullish on Bitcoin, XRP and the crypto markets at large.
The founder of Texas West Capital is revealing his outlook on Bitcoin and a list of altcoins. In a new note on the state of crypto, Melker says BTC is looking bullish on the daily, weekly and monthly charts – with the monthly looking especially enticing.
“[Monthly chart is] incredibly bullish. Anything above the most recent support at $9,243.83 remains as such.
The last monthly candle engulfed the previous 2, with a hammer at the bottom – arguably a morning star reversal. There is quite literally nothing bearish about the chart on this time frame.”
Melker says he began buying BTC when it was in the $6,400 range, and he sees no evidence that BTC’s rally above $10,000 is finished.
[adinserter block="1"]As for the altcoin market, Melker says he’s eyeing XRP, Stellar (XLM), NEO and Holo (HOT).
I didn't need a chart to predict this, but it's nice to look at one for confirmation. Blast off. pic.twitter.com/Ow7uY995vE
— The Wolf Of All Streets (@scottmelker) February 13, 2020
Continuing to consolidate against major resistance. I am expecting a major pop if it breaks. pic.twitter.com/Nue2We0tHY
— The Wolf Of All Streets (@scottmelker) January 30, 2020
Holy mother. Confirmed breakout of an inverse head and shoulders that has existed for almost 10 months. This should pull a 50% move up just on that pattern. Expecting to see NEO take flight. pic.twitter.com/iGSsUt4I6R
— The Wolf Of All Streets (@scottmelker) February 13, 2020
This looks crazy bullish. Broke descending support and has now flipped horizontal resistance to support and moved away on strong volume. pic.twitter.com/nFsWTcrjqL
— The Wolf Of All Streets (@scottmelker) February 12, 2020
In the end, Melker says it’s easy to ride a wave in a bull market, but smart traders will take profits and incrementally sell their positions as the price of an asset rises.
“Everyone is a genius in a bull market. We will see how many people actually make it out with their profits…
– Scale out of your trades. This will help remove the pressure of deciding when to exit.
– Take profit often, there’s always another trade. Don’t worry about what happens after you exit.
– Use trailing stops to lock in gains and make sure you never turn a winner into a loser.”
Although Melker joins a number of analysts who are bullish on the state of the market, veteran trader Josh Rager says the bullish sentiments may be too good to be true.
Rager confirms a sudden influx of messages from people asking him for trading advice. The last time this happened, he says, the market was hit with a major pullback.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Phongphan
