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

Crypto strategist Scott Melker says he now has seven altcoins.

The dealer, 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 profits when a new season begins.

“I am currently long ADA (Cardano), EOS, ETH (Ethereum), LTC (Litecoin) and XRP (fraction of original position after reaching target) with low leverage … This fast alt-season could end anytime, so I will strive for it as long as I can. “

The cryptanalyst is also looking at polkadot (DOT) he says shows the first signs of bullish momentum.

“RSI broke resistance, price usually follows. I’m already in on this massive bullish divergence, but this could really work if Bitcoin allows it. “

Source: Scott Melker / Twitter

When it comes to decentralized financial investments, Melker notes that it is too bullish on Compound Credit Protocol (COMP).

milker thinks that the seven altcoins have leeway as long as the bitcoin dominance index, which traders rely on to predict whether altcoins are ready to outperform BTC, stays below 66.35%.

“Bitcoin dominance could break support here. If this continues, we will at least continue to have the ability to trade altcoins in the short term. If it keeps dropping, the season is full. “

Crypto Analyst Scott Melker Bullish on Seven Altcoins, Says Bitcoin Supply Shock a 'Near Certainty'
Source: Scott Melker / Twitter

Looking at the long-term time frame of the Bitcoin Dominance Index, Melker Markings 63% as the crucial level for altcoins.

“The weekly candle seemed to break the crucial resistance to descent. Now it’s down again. Rejection here on the week and alts will keep flying. “

Crypto Analyst Scott Melker Bullish on Seven Altcoins, Says Bitcoin Supply Shock a 'Near Certainty'
Source: Scott Melker / Twitter

Although Altcoins are showing early signs of strength, Melker remains bullish on BTC over the long term expected The largest cryptocurrency experiencing a sell-side liquidity crisis amid strong institutional demand.

“Grayscale buy more Bitcoin than is mined. Cash App and PayPal will soon do the same. That’s just three companies. Imagine every company wants to present itself. And you too. The supply-side shock is almost certain. “

Featured image: Shutterstock / Olivier Le Moal

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