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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The post Crypto Analyst Scott Melker Calls Bitcoin Trading a ‘Game of Inches,’ Predicts Two Altcoins Ready To Bounce appeared first on The Daily Hodl.
