The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Crypto Analyst Scott Melker Bullish on Seven Altcoins, Says Bitcoin Supply Shock a ‘Near Certainty’

by Daily Hodl Staff
November 23, 2020
in Altcoins, Bitcoin, Trading

Crypto strategist Scott Melker says he’s now long on seven altcoins.

The trader, also known in the industry as the Wolf Of All Streets, names two large-cap coins and three medium-cap coins that he believes have the potential to print gains as a new altseason commences.

“I am presently long ADA (Cardano), EOS, ETH (Ethereum), LTC (Litecoin), and XRP (fraction of original position after hitting target) with low leverage… This quick alt season could end anytime, so I am going after it while I can.”

The crypto analyst is also looking at Polkadot (DOT), which he says is starting to show signs of bullish momentum.

“RSI broke resistance, usually price follows. I am already in this on that massive bullish divergence, but this could really go if Bitcoin allows it.”

Source: Scott Melker/Twitter

As for decentralized finance assets, Melker notes that he’s also bullish on lending protocol Compound (COMP).

Melker thinks that the seven altcoins have room to run as long as the Bitcoin dominance index, which traders rely on to predict whether altcoins are poised to outperform BTC, stays below 66.35%.

“Bitcoin dominance potentially breaking support here. If this continues, we will have at least a continued opportunity in the short term to trade altcoins. If it keeps going down, full-blown alt season.”

Source: Scott Melker/Twitter

Looking at the long-term timeframe of the Bitcoin dominance index, Melker marks 63% as a crucial level for altcoins.

“The weekly candle was looking likely to break through key descending resistance. Now it is back below. Rejection here on the weekly and alts will continue to fly.”

Source: Scott Melker/Twitter

Although altcoins are starting to show signs of strength, Melker remains long-term bullish on BTC as he expects the largest cryptocurrency to experience a sell-side liquidity crisis amid strong institutional demand.

“Grayscale is buying more Bitcoin than is being mined. Cash app and PayPal are soon to be doing the same. That is just three companies. Imagine when every company wants exposure. And you do as well. Supply-side shock is a near certainty.”

Check Latest News Headlines


 
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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Olivier Le Moal

Submit a Press Release

Industry Announcements

  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,869.13
$22,869.13
0.58%
Ethereum
$1,627.29
$1,627.29
0.46%
Cardano
$0.384043
$0.384043
3.38%
XRP
$0.392562
$0.392562
2.75%
Dogecoin
$0.090295
$0.090295
2.51%

Spotlight

  • Is Solana Following Ethereum’s Early Days? Top Trader Compares SOL and ETH, Updates Stance on Crypto Markets
    January 30, 2023
  • Bitcoin, Solana and Additional Ethereum Rival Have Higher To Go, Says Top Crypto Analyst – Here Are His Targets
    February 2, 2023
  • Bitcoin and Ethereum Whales Move $743,000,000 in Crypto in Three Massive Transfers
    February 4, 2023
  • Top Analyst Predicts Rally for One Metaverse Altcoin, Updates Outlook on Bitcoin (BTC)
    January 31, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl