TradingNomadic

TradingNomadic

We have been watching this chart for a while, and while times are uncertain with all of the contagion taking place in the markets, im hesitant to discredit the idea just yet. We are still unable to close any higher than the 1.13 extension, which is a very common Bearish/Bullish rejection zone, and often used with the UTAD or Spring event in Wyckoff theory. I...

TradingNomadic

This is the same pattern Bitcoin formed back in July of 2021. A black swan, or bullish dragon. The 1.13 rejection is also confluent with the idea of a Wyckoff accumulation spring event, and the same behavior we are seeing in the equities markets on major indices. We also seem to be breaking some downsloping trends, or in the case of a bullish dragon, that...

TradingNomadic

Ive seen about 200 different posts about the triangle from 2018 just before Bitcoin broke down. And the similarities were speculation at best, however, if you want However, the speculation behind all of these charts is ignoring technical details that invalidate the argument completely, in my opinion. Capitulation took place when we broke under 28k. That was...

TradingNomadic

Note, this is an inverted Chart. Kind of a thought experiment i like to do from time to time to check my bias. In this context, you can see how BTC formed that lower consolidation in February. We broke the supply line, and the range highs, but never got a proper backtest. BTC consolidated a bit around 28800 and then broke out again where we have been unable...

TradingNomadic

We are t a point where this range could be defined, by a move in either direction, with the assumption this were a wyckoff accumulation schematic. Above this zone, price action thus far accelerates to the top of the range. However, if this was the SOS portion of the schematic, you would expect a move above the range, and then a tight consolidation / back up, and...

TradingNomadic

Gasoline futures on the rise again as things heat up across the oil markets. Bullish Cypher with a type 2 confirmation low. Bullish divergence on the MACD, with a inverse head and shoulders style reversal on the RSI. A common retracement here would be between the 382 and 618 at 2.91 - 3.40

TradingNomadic

Real nice reversal here on the weekly chart with both the MACD and RSI showing us that a bullish divergence is happening here at historical support. A common retracement from the highs would bring us back to 400 at the 382, and 429 at the 618. Looking at the structure of this wave down and lower low double bottom, we could anticipate a reversal as high as the...

TradingNomadic

BITO, the futures ETF for Bitcoin, is potentially putting in a double bottom here similar to how BTC is forming. Whether you want to reference a wyckoff schematic, the Bullish Shark pattern with a type 2 in place, or the elliot wave structure on the corrective move from the peak, weve also got a few nice drives of Bullish divergence on the RSI as well as on the...

TradingNomadic Updated 

Just a thought here using the bullish break from the 2017 bear market added on to the end portion of the 3 Peaks Domed House pattern we have been watching since back in December. There is a lot of confluence between both the fractal, and the structure of both bear markets, although last year we got the higher high expanded flat correction that brought us to 69k...

TradingNomadic

This is the deep crab / Bullish shark pattern i referenced in my previous chart. Youve got the completed shark with a type 2, which in itself would be the type 2 of the Deep crab. Youve also broken the supply the line coming off our last high, and backtested it so far, as support. You could look at the shark, as the feet of a Bullish dragon, and breaking that...

TradingNomadic

This is a reference to my higher time frame chart (attached) with the Bullish Shark Type 2. This double bottoming structure here is a break down of the reaction low, and reversal low of the type 2. A few things i would like to point out, a harmonic trader would likely look at this structure as a Bearish Cypher, which would target the upper end of the range here...

TradingNomadic

Such a great specimen combining an entire market cycle into one chart. 3 peaks Domed House - Distribution / Reaccumulation / Upthrust double top The entire market cycle also forms a nice Bullish cypher before the return up to where we are now. Clear accumulation beneath our inflection zone, adam & eve style double bottom BTC finished this 3 peaks domed house...

TradingNomadic

BTC has put in the type 2 low here, giving us a nice double bottom at support. Locally on lower time frames, youve also got a nice adam and eve style accumulation/higher low double bottom. To confirm the Double bottom / Dragon pattern, we would need to break above 22400 If we can get back above 20k itd make me feel a little more confident in a move up from...

TradingNomadic

Fed day is upon us, and will ultimately decide our fate here more than likely. We are potentially putting in a major bottom here after backtesting the 2017 peak as support so far. I do wonder if we are going to revist that wick low on a closing basis, and it wouldnt really invalidate the structure here, but i would much rather see the higher low on a closing...

TradingNomadic

Fed day is upon us, and will ultimately decide our fate here more than likely. We are potentially putting in a major bottom here after backtesting the 2017 peak as support so far. I do wonder if we are going to revist that wick low on a closing basis, and it wouldnt really invalidate the structure here, but i would much rather see the higher low on a closing...

TradingNomadic

With AI day coming up, its important to keep Tesla in mind. We have broken back above resistance after a partial decline here on the 3 day chart. You want to see the local highs broken as well for further confirmation but Historical price action correlation suggests 371 next. Its always straight up, straight down. Beyond that i would consider 397 a relevant...

TradingNomadic Updated 

BTC possibly drawing a nice 3 drives pattern. We broke below out closing high from November 25, 2020 and now we have bullishly engulfed back above it and might be setting up a nice 3bar play, bullish continuation candle stick pattern. Too early to be sure but we HAVE put in another drive of bullish divergence on both the RSI and MACD (not pictured) and a...

TradingNomadic Updated 

ETC attempting to break out of the broadening wedge as it tests the Bullish control zone once again on the RSI. If we can hold above 40, historically we will try to go test that zone around 76, or if we really get going, the 1.618 and .886 sits around $130. It really depends on Bitcoin in the end but with the merge coming up, and the general nature of POW...