mukit1

mukit1

After a month long consolidation, GRT is setting up for a move. This coin doesn't always move with BTC, but if BTC make a move towards new price discovery, GRT, along with other alts will most likely make move towards the same direction. Since Feb 12th high, GRT is moving within a downward channel, making lower highs and lower lows. The March 12th low could be...

mukit1

Since BTC price has closed on an all time high this week, the 42K close couple of weeks ago is a confirmed higher low and RSI is confirmed a lower low. This divergence along with incredible strength on ADX puts the bias to the upside. I have put a Fib extension target blue box from the last swing and this target can certainly get hit. If we see a rip to the...

mukit1 Updated 

BTC is still going through a rough correction. The daily and weekly closes look pretty bad. Question in front of us is, if the bull market over already. The answer is a maybe; but not yet. Let's take a look at the market structure. Bearish cases: 1. BTC price has broken below the 20 day EMA and SMA levels and getting resistance there. 2. BTC price is currently...

mukit1

BTC is traveling within an upward channel within an upward channel; within an even bigger upward channel (chart needs to be zoomed out to see the bigger picture). It's like a mountain hike. Even the fittest hikers need a moment to take a sip of water every now and then. That is what really happened in the last 24 hours. The drop felt like a bloodbath while it was...

mukit1

BTC has been correction proof for the past few weeks. Any sign of weakness has been followed by a rip to the upside. For the last few days, the price has been pushing on the top side of the intermediate channel. Daily RSI is finally showing some divergence, but price action remains very strong. Unless, there is a sudden multi thousand dollar dump, there is no...

mukit1

After an unbelievable run last week, GRT is taking a breather. On the hourly chart, a descending triangle is forming. Looking at ADX/DI, the trend seems to have lost steam at the moment and taking some time off to decide which way to go. Now, two things need to be watched for the next few days. 1. If the triangle is starting to break downwards, it needs to do so...

mukit1

It's fun to make wild predictions when BTC is on the move. Let's dust off the ol' crystal ball and see what it says. The launch of the bull run started last year in March after the sharp recovery from the dump and the train is still moving onwards full speed. The recent price action might have been just a little curve on the track. It is now the final run to the...

mukit1

Putting 2018 and current price action side by side. Looks pretty similar, right? Well, there are some subtle differences that might help with preparing for whatever comes next. I am told i should write not a finance advice. Let's take a look under the hood. This is on a daily timeframe. First up moving averages. I have 50 EMA and SMA in Green and Orange. 100 EMA...

mukit1

In the grand scheme of things, this chart looks undeniably bullish. Since its inception, BTC has been on an upward channel that has not yet broken. The current price action is only an attempt to make it to the halfway part of the channel since the test of the downside. Nothing about this chart says bearish. But, that does not mean the pain of 30% dump isn't real. ...

mukit1

Even amid the recent price action drama, all bitcoin has done so far is to test 10 EMA on the weekly. There is no RSI divergence to call this a break down. It feels crazy because of the price range that BTC operates in. The pullback does not look like quite over just yet. Question is, if the bottom of the last wick will hold or not. Weekly close below 10 EMA will...

mukit1

All bitcoin did yesterday is to test the 10 EMA on the daily and check in at the .5 fib retracement area from the recent swing low. The downward momentum does not seem to be quite over yet, but there is no significant technical damage so far. Until there is a daily close below $32,400 area, it could only be a minor pitstop along the way. The long wicks on these...

mukit1

In my last post I was speculating if a recoiling happens, then price will attempt to break out of the channel to the upside towards 40k mark. We have just over 33k and things are looking dangerously top heavy. Let's zoom out and assume the local top is in or close. Weekly RSI is reaching for 90 level. This high level of RSI reading usually indicates a top or...

mukit1

Cloudflare Inc. has seen about 400% increase since IPO. At this point I would say that the moon has been reached. Now let's do some speculation on what comes next. Let's start with some basic observations on the weekly chart. After the initial drop from IPO price, the stock has made significant moves with higher highs and higher lows without any log term...

mukit1

BTC had an excellent run for the last few months. Since breaking down from the upward channel, BTC has made a swift and bold recovery. But, in doing so looking fairly toppish at the moment. RSI is hot and looking to cool down. It doesn't mean it is going downhill tomorrow. The previous channel top and the bottom support of the recent recovery has created an...

mukit1

This is nothing new. Everyone is talking about the megaphone pattern on SPX and all the previous times this has happened. I have seen many charts on social media comparing various other times in history. Most of these charts are trying to make a fractal case, but comparing weekly charts to monthly or daily charts with 4 hour charts. The problem I have with fractal...

mukit1

Just simple support and resistance lines and channels. Plenty of support in the southern direction. Until supports break down, only overhead resistance areas are previous high, channel topside line and fib extensions.

mukit1

NIO is sitting on parabolic uptrend support line. Since early Nov, price has formed a potential head and shoulders reversal pattern. Volume signature also supports the pattern. If price breaks below diagonal trend line with higher volume and also breaks below horizontal support line then the pattern will be confirmed. Measured move from the head and shoulders...

mukit1

One hour chart tells the story pretty well. XPEV took off in Nov 2020 and created an upward trend channel (green).Since then it broke down from the channel on Dec 1st and on a downward channel. On Dec 4th price broke down below the purple uptrend line and should turn into overhead resistance. The blue 21 period EMA has crossed below green 50 period EMA. First...