ScottMelker

Bitcoin is showing bullish divergence coming out of oversold RSI on the 4-hour chart. As you know, this is my favorite signal. That said, I want to see a clearer “elbow up” on RSI to confirm. Remember, there was a bearish divergence with overbought RSI at the recent top… as usual.

Bitcoin has broken back below $116K, losing the 50-day moving average after a sharp rejection from $123K last week. That rejection left a long upper wick – a classic signal of exhaustion – and price has since rolled over on rising volume. The key level to watch now is $112K. That was the prior resistance zone before the breakout in July, and it should act as strong support on a retest. A breakdown below $112K would open the door to a much deeper correction, potentially into the $100K area, which also lines up with the longer-term trendline and previous consolidation zone. RSI has been trending down while price pushed higher, creating bearish divergence. That divergence is now playing out as momentum weakens. A reset closer to oversold territory could provide fuel for the next leg higher, but for now, bulls need to see a bounce quickly to avoid losing control of the structure. The broader trend is still bullish – higher highs and higher lows remain intact – but short-term caution is warranted. Holding $112K keeps the bull case clean. Losing it would confirm that the local top is in.

Just a reminder - there was overbought bearish divergence with RSI at the top of this move. This is my favorite signal, and has been for years. Extremely reliable for local tops (and bottoms).

Bitcoin briefly set a new all-time high above $124,500 yesterday, but the breakout didn’t stick. Sellers stepped in quickly, pushing price back below the key resistance at $123,231 by the close. That rejection leaves us without confirmation of a sustained move into price discovery. The short-term support to watch is $122,000, with stronger backing at $115,051 – a level that aligns with the 50-day moving average. A daily close above $123,231 would reopen the door to $125,000+, but continued failure here could send BTC back toward $120,000 or even $115,000 for a retest. Momentum is still bullish overall, but yesterday’s wick signals that bulls may need to regroup before the next leg higher.

Bitcoin’s daily chart delivered what can only be described as the easiest trade of the bull market – a textbook retest of $112K as support. Price respected the former resistance level perfectly, bouncing cleanly and confirming it as a launchpad for the next leg higher. The move has been technically sound from start to finish. Price reclaimed and held the 50-day moving average, grinding upward in orderly fashion before Sunday’s strong push through $120K. . Today’s session is key – after a weekend breakout, follow-through is essential to confirm strength. If bulls can sustain this move and close firmly above $120K, the door opens for a retest of the $123K–$124K range highs. Failure to do so risks another round of consolidation beneath resistance, but for now, the trend remains firmly in the bulls’ favor.

e are currently on the 4th straight daily candle that has either opened or closed at $15,051 - pretty crazy. We all know that Bitcoin is choppy, consolidating at the moment. But this has become a clear level to watch in the short term.

Solana look ready to rip. As you can see, we had a golden cross between the 50 MA and 200 MA (which I shared at the time), which is now acting as clear support on the last few daily candles. Price appears to be leaving the station. It may not be full blown alt season, but it looks good for major with a narrative.

Bitcoin topped out at \$123,231 last month and has been pulling back ever since – but not in a chaotic way. The chart tells a familiar story: bearish divergence on the RSI as price made new highs, momentum quietly faded, and eventually the inevitable correction hit. Classic. Now we’ve pulled back into the \$112,000 region, which happens to align with a critical horizontal support zone and the 50-day moving average. This is where bulls need to make a stand. The good news? The drop came on declining volume, suggesting there’s no real panic here. Sellers aren’t exactly stampeding for the exits. But let’s not pretend buyers have stepped up with any conviction yet either – this is a wait-and-see moment. If \$112K fails, things could accelerate quickly, with downside targets around \$105,787 and \$100,703. That red line lurking around \$97K is the 200-day moving average – the last line of defense before the structure starts to fall apart. Momentum has reset and the RSI is hanging around the neutral zone. That’s not bullish, but it’s not death either. It just means we’re in purgatory – waiting for the next move. If the uptrend is going to stay intact, we need a higher low right here, right now. Bulls better start buying their own bags.

Bitcoin pushed as high as $123,000 after breaking out of its $105,800–$112,000 range in early July – but momentum has since cooled. Price is now consolidating just above the $112,000 breakout zone, with the rising 50‑day MA providing support around $113,000. So far, this still looks like a healthy pullback. Volume has faded on the way down – not what you'd expect in true distribution. As long as $112,000 holds, the higher‑low structure remains intact and the chart stays bullish. A bounce here keeps the trend alive and sets up another attempt at $123,000. A daily close below $112,000 flips the script short term, likely sending price back toward $105,700. Until then, it’s just consolidation after a strong move – not a breakdown. The trend is still your friend.

Bitcoin is putting in a textbook retest here. Price bounced cleanly off support at $112,000 – a key horizontal level that also lines up perfectly with the rising 50-day moving average. That’s classic technical behavior. The bounce looks good on the surface, but it came on low weekend volume, which always warrants a bit of caution. There’s not much conviction behind the move yet. Looking under the hood, the RSI still hasn’t reached oversold levels, even after a pretty sharp drop from the highs. That’s notable, especially since we saw a clear bearish divergence at the top – price made a higher high, but RSI made a lower high, signaling momentum was already fading. Until we get a stronger reaction and volume pickup, this might just be a pause before another leg down.