Crypto strategist and trader Scott Melker calls Bitcoin trading is a “game of inches” as he sees a bounce on the horizon for two altcoins.
Melker tells his 573,800 followers on Twitter that he expects Bitcoin to continue grinding upward en route to his target at $52,956.27.
“BTC trading can be a game of inches. The Walmart fake news almost caused my stop to be swept – missed by about $30.
Now the price is up 10%, and I’m 10x leveraged on top.
Not bad.”
Melker adds that he continues to be long-term bullish on Bitcoin based on its fundamentals.
“The charts are a meme. We all love the charts. They’re great for trading but at the very end of the day, Bitcoin is going to go up because [it’s a] deflationary asset in an inflationary world. There’s no reason to ever be bearish on Bitcoin long term.”
Looking at other crypto assets, one altcoin on Melker’s radar is blockchain-based operating system Tron (TRX). The crypto trader expects Tron to slightly pull back before taking out its immediate resistance at $0.11 and rallying to $0.18.
“What you want is to see some sort of flagging here ($0.09) and then up and buy it at this area ($0.11) and even off these highs ($0.12).”
Next up is supply-chain management platform VeChain (VET), which the crypto strategist says must breach its immediate resistance to ignite a surge above $0.27.
“I really want to be above $0.15 at this point… That’s such a key resistance… VET is such a huge project, real partnerships. It’s going to do exceptionally well.”
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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/Tursunbaev Ruslan
