Bitcoin Is in ‘Cool Place for Bounce,’ According to Well-Known Trader Scott Melker

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Thu, 07/02/2020 - 19:39
Alex Dovbnya
Bitcoin’s recent drop is not necessarily bearish, according to top trader Scott Melker
Cover image via www.123rf.com

Cryptocurrency trader Scott Melker claims that Bitcoin is now in a cool place to bounce in his recent tweet.

image by tradingview.com

He notes that there is a lot of support at the current level of $9,072, but it remains to be seen whether the bulls will manage to hold it.  

image by @scottmelker

Related
Bloomberg Analyst Mike McGlone Expects Bitcoin Volatility to Continue Declining


The benchmark cryptocurrency surged to an intraday high of $9,268 at 13:47 UTC on the Bitstamp exchange after U.S. stocks started in green.

Wall Street is having another upbeat day after last month’s job reports exceeded expectations.

Despite its high correlation with equities, Bitcoin ended up dropping below to $8,939 at 16:40. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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