MarcPMarkets

MarcPMarkets Wizard

Bitcoin has rejected the 68 to 70K resistance area as I anticipated in my previous article. If you read it, you will recall that I explained the level of risk for longs at such a location was high for this time frame. What there was NO way to know was IF it were to sell off, how low would it go? Only the market can answer and that is what we can see NOW. Two major...

MarcPMarkets Wizard

Bitcoin is now retesting the 68K to 70K range resistance area. It is reasonable to anticipate greater selling pressure or an absence of buying within this zone which is evidenced by previous range history. This suggests higher risk for longs on larger time frames, even though there is still potential to test the 70K area over the coming week. One helpful hint (or...

MarcPMarkets Wizard

Bitcoin: My previous week's anticipated scenario flailed to play out but in all fairness was never confirmed by the market on this time frame (short setup off 60K). Price is now flirting within the upper boundaries of the 64-66K resistance AREA which was previously a support. With this in mind, I anticipate a bearish retrace scenario over the coming week which can...

MarcPMarkets Wizard

Bitcoin has retraced back to the 60K resistance (as anticipated by previous scenario). As a previous major support level it is likely to act as a new resistance within this broader range bound structure. While there is no confirmation or reason to sell at this time, the 60K to 62K area still serves as a potential bearish reversal point at least for the shorter...

MarcPMarkets Wizard

Bitcoin has broken the 60K support zone and probed as low as 53Ks. There was actually some advance warning at my previously determined 64K resistance area with a pin bar at 63,750 (see small arrow). While there is NO way to forecast the precise outcome of such a signal, it at LEAST called for adjustments for long positions (trail stop, stop to break even or take...

MarcPMarkets Wizard

Bitcoin has confirmed a double bottom within the 60K major support area. The scenario that I outlined in my previous analysis is STILL in play (see illustration on chart). An inside bar is also present on this time frame along with a break of the high of that candle. As a result of all of this, a new buy signal is in effect which can result in a test of the 64K...

MarcPMarkets Wizard

Bitcoin price has violated the wave i overlap that I have been writing about in previous weeks. This means the lower magnitude impulse structure is no longer valid and reduces the probability of a wave v higher in the near term (which is why I removed the labels from my chart). Based on this price action, I am anticipating the continuation of the complex...

MarcPMarkets Wizard

Bitcoin has retraced into the high 64Ks and overlapped Wave i of the minor impulse structure. Is the impulse no longer valid? I will explain, plus what to anticipate as far as bullish and bearish scenarios for the coming week. It is IMPORTANT to continuously evaluate BOTH sides of the market in order to gain a better perspective which plays a significant role in...

MarcPMarkets Wizard

Bitcoin has rejected the 70k to 72K resistance area AGAIN. This failed breakout may lead to a retest of the 64K to 66K support zone in the coming week. IF 64K is compromised, it will imply that the current minor impulse structure is not valid and reinforces the argument that price is likely to consolidate further. This scenario opens the possibilities of testing...

MarcPMarkets Wizard

Bitcoin support at the 66K area continues to hold and may be the higher low (wave (iv)) that may lead to a higher high over the coming weeks (see illustration). In order for a dramatic new high like 80K to be tested, price needs to prove itself by clearing 73K first. The key to navigating this is to WAIT for the market to provide evidence (confirmation), NOT get...

MarcPMarkets Wizard

Bitcoin pushed into the 70K resistance area over the previous week and retraced. Those who read my articles and watch my streams should not be surprised. My Trade Scanner Pro take profit price is at 72,632 which was missed by a few hundred points (entry was 62,907 on 5/2). As I continue to remind my followers, CONTEXT is key to navigating this consolidation and...

MarcPMarkets Wizard

Bitcoin has followed my anticipated scenario nicely over the recent two weeks (it doesn't always agree). As I have written in my previous two articles, the 64K and 68K resistance areas are potential take profit zones, NOT locations to put on more risk. Price action appears to be confirming that and is attempting to retrace off the 66K area minor resistance (See...

MarcPMarkets Wizard

Bitcoin has found overall support just off the 56K level (on my chart) and has rallied back to the 64K resistance only to retest the 60K level (see illustration on chart). This is the scenario I described in my previous article and price is now in an ideal location for a swing trade long on this time frame. Interestingly enough, my Trade Scanner Pro system...

MarcPMarkets Wizard

Bitcoin has retraced off the 56,400 area support (level has been on this chart for months), straight back to 64K. The arrows on the chart point to the consecutive lows that characterize a failed low pattern. This brings price to a tricky area for new swing trades. The 64K area is a resistance and NOT an ideal spot for new longs on this time frame. In this scenario...

MarcPMarkets Wizard

Bitcoin has retraced but not back to the 60K major support which I wrote about in my previous article. Instead, it is in the process of establishing a higher low along with a bullish pin bar (see arrow). The current candle has taken out the high of the pin bar which can be interpreted as a signal for a swing trade long. IF momentum takes hold, it is within reason...

MarcPMarkets Wizard

Bitcoin continues to maintain its consolidation, halving appears to be a non event which again is typical. The actual catalyst (institutional buying?) has been STOPPED for at least a month. If anything, I suspect large players who instigated the "run to 100K" nonsense have been quietly reducing their exposure into the hands of the retail trader. That may be one...

MarcPMarkets Wizard

Bitcoin has rejected the 70K area resistance as the pre halving consolidation unfolds. In hindsight, you were better off listening to things like support/resistance LEVELS and price structure rather than all of the social hyperbole going into the halving event. "Buy The Rumor, Sell the News" seems to be what is in play here and usually makes fools of people who...

MarcPMarkets Wizard

Bitcoin appears to be in a consolidation (see converging lines on chart) as the halving event nears. Makes sense, especially since events like this tend to be "buy the rumor, sell the news". There is no way to know how Bitcoin will react going into the halving because there are many factors in play, often too many to effectively act upon. Many like to resort to...