Famous trader Scott Melker has listed on Twitter what are the seven altcoins he is currently investing in.
In addition to highlighting the dominance of Bitcoin, the trader known as Wolf Of All Streets pointed out what, in his opinion, are the cryptocurrencies that they may appreciate soon.
Bitcoin Dominance
Potentially breaking support here. If this continues, we will have at least a continued opportunity in the short term to trade altcoins.
If it keeps going down, full blown alt season. pic.twitter.com/8QrFn11eZD
– The Wolf Of All Streets (@scottmelker) November 21, 2020
“Domain of Bitcoin. Possibly breaking the support here. If this continues, we will have at least one continuous opportunity in the short term to trade altcoins. If it continues to fall, we will have a full season of altcoins, ”he said.
Seven altcoins with high potential
Melker then pointed out which crypto assets he is currently betting on:
“I’m currently buying ADA (Cardano), EOS, ETH (Ethereum), LTC (Litecoin) and XRP with low leverage […] This quick altcoin season can end at any time, so I’ll go after it while I can. ”
Then, the analyst also nodded positively to the decentralized finance asset (DeFi), Compound (COMP).
“AND COMP. How did I forget COMP? ”, Said the trader about the loan protocol.
Finally, Melker cited Polkadot (DOT). According to him, altcoin is starting to show bullish signs:
RSI broke resistance, usually price follows. I am already in this on that massive bullish divergence, but this could really go if Bitcoin allows it. pic.twitter.com/h8xHhKv0ey
– The Wolf Of All Streets (@scottmelker) November 20, 2020
“RSI [Índice de Força Relativa] broke the resistance, usually the price follows. I’m already on that huge bullish divergence, but that could really go if Bitcoin allows. ”
Optimism about Bitcoin
Although he has indicated some options for altcoins that they can appreciate, Melker remains optimistic about Bitcoin.
This is because, according to him, the main cryptocurrency in the market must experience a liquidity crisis on the part of the sellers with the entry of institutional investors:
“Grayscale is buying more Bitcoin than is being mined. Soon, the Cash App and PayPal will do the same. There are only three companies. Imagine when every company wants exposure [ao ativo], as you also want. The supply side shock is almost certain, ”said the analyst.
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