mukit1

mukit1

BTC has made some significant progress in the last couple of weeks. 1. On macro level price has a higher high 2. Price broke out above median line of the falling channel 3. Volume it ticking up as price is going up 4. RSI gaining strength 5. DI Plus is closing in on DI minus. ADX is still dropping but above 20. 6. I didn't put any moving averages on this chart,...

mukit1

ETH is seeing a very strong bounce after getting support from a high volume node on VPVR. We can also call it a test of 50 week EMA (green line). Now ETH is looking to close above 21 week EMA. This asset is looking stronger than BTC at this moment. As we have seen time and time again, ETH leads the market to the upside from the gutter. A few concerns still larking...

mukit1

Looks and smells like a breakout. But, don't get the party started just yet. Here is why... 1. Price is still under VPOC for the range between ATH and current. The very first resistance to make a higher higher for the first time is also in the same area. If this is a bull trap, this will be the perfect setup. 2. ADX is dropping. DI Plus is still under 20 and...

mukit1

Several things unfolded in the last 24/48 hours. 1. Looking at 4 hours BTC has broken above 200 MA. 21 EMA also crossed over 50 EMA. It looks like price is ready to test the upper side of the range into 41 K. 2. Looks like an ascending triangle break to the upside. Will wait for the pullback to test the breakout area. Measured move from the triangle also puts...

mukit1

Another hammer candle to end the week. The volume is picking up slowly. Are we seeing a bottoming action or is it the last stop before dropping another 50%? Let's dig in a bit. 1. Moving Averages/VPVR: If price can hold this range for a couple of more weeks then things will start to look bullish again. The major VPVR cluster zone is providing support at the...

mukit1

This triangle formation is as mature as it can get. If this formation breaks to the downside, then, the bottom might fall out pretty fast. This would be one knife I will not dare to catch. 20 day EMA crossing below 50 day EMA at the time price is holding on to the support without making any progress. There are a few mild support areas at the last couple of wick...

mukit1

There could be several ways the price action can play out. By looking at the overall market, I am watching for two specific paths. One path could drag out this current accumulation zone with wicks up and down but weekly candles within the box. Or there could be a flush out and then move upwards and onwards. Either case, the buy signal will be when ADX curls up and...

mukit1

Since May crash BTC Is just ranging and frustrating everyone. The range has create a very large VPVR structure area. If the current support 29k breaks, then the next confluence area 24 - 22K will be the long term buy area. If price manages to break above the no trade zone, then 44.5 - 47.5 area will come in as heavy resistance zone and could setup a bull trap...

mukit1

On this post I will take a look at evidence that the worst might be over and what levels to watch for confirmation. If the key levels hold, then hope of seeing another higher high is still alive, even if there are short term volatility. 1. Top Left Chart: a. Price bounced off a long term trend line from March 2020 low. As long as price doesn't break this...

mukit1

BTC is breaking hearts and crushing dreams lately along with the entire market. If we are looking at a Wyckoff style distribution, the pain might not be over just yet. I am no expert on Wyckoff pattern and it can be a very long and drawn out ordeal. Until some key levels are broken, the distribution pattern can continue. I am looking at the downside potential on...

mukit1 Updated 

1. Stochastics, MACD turning up 2. Trying to gain support above moving averages 3. RSI is creating bullish divergence 4. Still ranging in the trangle formation 5. Watch for retest of support areas. If the box holdspossibility of a run to test the last lower high increases

mukit1 Updated 

Last plan didn't get the order filled and we got this glorious dump. Same setup emerging. Let's see how it plays out. Not a trading advice.

mukit1 Updated 

ADA is on the move. This asset has been amazing in the past couple of years, producing thousands of percent gains. Doesn't look like it is done yet. As Bitcoin struggling and Ethereum stalling a bit, ADA is vying to be the king. Keep watch on the RSI level in 2D. last time it broke above, price ran 186%. It is trying to do it again. The parallel channel is looking...

mukit1 Updated 

Setting up soon. Possibly a nice counter trend rally with potential for a reversal. Not a trading advise.

mukit1 Updated 

Anytime Bitcoin dumps it is scary. But, it is also important to watch some key spots and levels at a longer timeframe to avoid any rash decision making. Let's take a look. 1. Price: Well, obviously price has dumped. But it also got support at the critical 21 week EMA. Now we need to watch another day, maybe another couple of weeks to see if weekly candles close...

mukit1 Updated 

Short term quick scalp idea. Not a trading advice.

mukit1

Since the April 23 low, GRT is working on building back up. So far since the February high, it's been a three month long consolidation. At this moment price is in an upward channel trying to break above daily 50 EMA and SMA. Compared to other alts that have come back from the graves to make ATHs during the last week or so, GRT is still stuck in the support box....

mukit1

Any long form consolidations for BTC gets tricky. Specially the range this wide is probably wrecking longs and shorts with each move. Even though my next six month bias is still to the upside, I am not super convinced with the current run to the resistance. I took a long position that looked like a perfect setup and that failed. No biggy, just part of risk...