Scott Melker, a well-known crypto investor, trader, and content creator, recently appeared on the new Crypto Trading Secrets podcast hosted by Benjamin Pirus. In the interview, recorded on November 29th, Melker shared his insights on various topics, including how he determines when Bitcoin is ready for a bull market transition by analyzing its price chart.
According to Melker, identifying asset bottoms is typically a lengthy process that can take several months or even longer. He discussed potential indicators of a bottom, such as sentiment and mainstream factors that could impact Bitcoin’s price. However, Melker emphasized the importance of chart analysis in determining whether the market has turned around.
Referring to the current bear trend, Melker explained that a break in the series of lower highs and lower lows would signal a technical breakthrough and the beginning of a bull market. He mentioned that the last lower high was around $25,200 and breaking that level would be a significant milestone in considering a bull market.
Melker also highlighted other price levels and chart patterns that traders might look for as potential signals of a market shift towards a bull market. He believes that sentiment will become clear when prices start to rise, and people’s reactions to negative news diminish while interest in cryptocurrencies increases.
The interview covers additional topics, including Melker’s personal interests in archaeology. Listeners can find the full episode on the Cointelegraph Podcast page, as well as on popular podcast platforms like Apple Podcasts, Spotify, Google Podcasts, and TuneIn.
It is important to note that the views expressed in the interview are solely those of the participants and do not necessarily reflect the opinions of Cointelegraph.