MarcPMarkets

MarcPMarkets Wizard

Bitcoin is in the process of developing a bear flag formation and may push higher on smaller time frames but the short term bearish structure is still intact. This means there is a higher probability that price retests the 78 to 80K once more. IF such a scenario presents itself, it may provide an opportunity for a new swing trade long (upon confirmation). IF the...

MarcPMarkets Wizard

Bitcoin has retraced off the of the 76K to 78K AREA and established a double bottom formation (see arrows). I specifically mentioned this in my previous article and talked about it further during my most recent stream. While a bear flag formation IS now present, which implies weakness on the horizon, I anticipate a higher low support around the 80K area this week...

MarcPMarkets Wizard

Bitcoin is likely to test the 78K low this week as implied by the lower high (see arrow) established on the previous Monday as a result of the "strategic reserve" news. As I specifically pointed out during my stream, that kind of swift rejection of "positive" news is a very bearish sign. IF 78K breaks, the next broader support is the 73K level (all time high...

MarcPMarkets Wizard

Bitcoin had an interesting week. In my previous article titled "Watch For 90K" I warned that 90K could be tested and if broken would introduce new support levels to watch for. The upper arrow on the chart points to the fact that there was NO reversal confirmation on this time frame during the time of the 90K test. No confirmation means NO longs. Confirmation...

MarcPMarkets Wizard

Bitcoin has established a lower high at the 100K range resistance. In this context it appears a support break (lower low) is more likely to follow. This means a 90K retest can unfold as early as this week. Will 90K hold? There is NO way to know, it all depends on the price action that unfolds at that level. Having opinions of the future will NOT help you at all,...

MarcPMarkets Wizard

Bitcoin is stuck in a tight consolidation that can be very confusing and costly IF you get too wrapped up in opinions and typical internet propaganda. To participate effectively in this you either play the range levels on small times frames (see my previous week's analysis) or just stay out completely until a decisive break unfolds. When and which way it breaks is...

MarcPMarkets Wizard

Bitcoin is near the lower part of its broader bullish consolidation. This means swing trade shorts are higher risk, while longs lower risk. How you navigate this area depends on the time frame you use to evaluate your trade signal and risk. The key location to watch for the coming week is the 93,500 to 92,500 support AREA which is part of a larger support zone. A...

MarcPMarkets Wizard

Bitcoin has rejected the 105K AREA resistance (wrote about this for two weeks see previous). Risk for longs was very high in that area, if you bought, now you pay. The 100K support was cleared but there is some minor support around the mid to high 96Ks (see arrow). There may be a brief retrace from here back to the low 100Ks over the next day or two. IF the 95K...

MarcPMarkets Wizard

Bitcoin has not done much in the previous week besides defining the range of the trade area that I anticipated a week earlier (in a matter of one day actually). The key technical points are established and it is a matter of catalyst and confirmation when it comes to aligning with the potential trade areas that can develop over the coming week. The 105K AREA is the...

MarcPMarkets Wizard

Bitcoin briefly tested 90K only to show a sharp reversal which has lead to a run into the 105K area resistance. IF momentum continues, 108K can be tested, but IF a bearish reversal appears, a test of 100K is also possible. The key is looking for confirmations on smaller time frames in order to get a better sense of what the market wants to do, not what you think...

MarcPMarkets Wizard

Bitcoin is consolidating within what appears to be a broad head and shoulders pattern. In my previous week's article I wrote about the break of the inside bar highs which had 4K profit potential (see previous article). I mentioned NOT to expect much more from there. Bitcoin has retraced back into the 90K AREA support zone since. Along with that a similar two...

MarcPMarkets Wizard

Bitcoin has found support in the low 90K area (read my previous week's analysis). As long as 90K stays intact it is within reason to continue to have bullish expectations. Also wrote in the previous article that overly optimistic expectations are not in line with the developing price structure. Based on the inside bar formation that is developing now (see arrow),...

MarcPMarkets Wizard

Bitcoin has rejected the 99,500K resistance area establishing a LOWER HIGH (see arrow). This is a BEARISH sign that increases the chances of a 90K support break. At the same time, price is back inside of a broader support zone (90 to 95K) which may see a brief reversal develop as well. In order to utilize this information which may appear to be conflicting, you...

MarcPMarkets Wizard

Bitcoin may be on the verge of compromising the 90K support which I will interpret as a sign that the next broader corrective cycle MAY be beginning (Wave (IV)). IF this is the case, you can remove your Bitcoin 200K party hats for at least a YEAR or two. Gold had a similar outcome a few years back and persisted in a consolidation for two years before it broke out....

MarcPMarkets Wizard

Bitcoin is poised to push the 104K high after breaking the previous inside bar (buy signal). While this is exciting and a newsworthy event for the casual observer, it is important to recognize some potential turning points from here. While there is no precision to this, it does offer a way to measure profit objectives and compare them to the growing RISK. Once...

MarcPMarkets Wizard

Bitcoin could be developing a Wave 5 of a broader 5th wave which would complete an even larger Wave 3 (see monthly chart). IF this is confirms, it implies that a much larger corrective cycle (Wave IV) has a greater chance of unfolding. This corrective cycle can see price retest 70K and STILL BE WITHIN a bullish configuration. Such a move can take 6 months to a...

MarcPMarkets Wizard

Bitcoin has retraced to the 90K support (anticipated in my previous article) and is now attempting to retest the 100K high for the second time. Markets are mostly RANDOM, which means there are countless scenarios than can unfold from here. In this article I will focus on just TWO possibilities that I am anticipating for the coming week. The market chooses the...

MarcPMarkets Wizard

Bitcoin 99,860: missed 100K by less than 200 points so far (on Coinbase). 100K is going to most likely serve as a psychological barrier which should be considered when evaluating RISK. My previous week's scenario failed to play out because the momentum from the election results is still driving order flow. Price has YET to REALLY exhibit a healthy retrace (while...