MarcPMarkets

MarcPMarkets Wizard

ETHUSD Update: Double top has now appeared within the 320 to 352 resistance zone, just under the 357 extension. This is a bearish sign and can lead to a retest of the low 300s which is the area I am looking for a possible swing trade long. Now keep in mind, this double top does not mean the strength of this market is over, but it is a formation that signals...

MarcPMarkets Wizard

BTCUSD Update: Double top appears at 5865 level which signals a more significant retrace is coming and in this report I am going to highlight which levels I will be watching for bullish reversal patterns that can lead to a retest of the high. Besides the price formation (which is very clear) the other factor that is pointing to a more significant retrace is the...

MarcPMarkets Wizard

LTCUSD Update: This market breaks out above the 57 range high back into the mid 60s and is just below the 69 to 80 resistance zone. It is coming from a higher low at the 50 level (I wrote about this previously) which is a structure that implies further strength. I wrote about the failed low at the 50 level over a week ago and in light of the BTC rally this market...

MarcPMarkets Wizard

ETHUSD Update: 350 high is reached which is just under the 352 border of the .618 resistance zone that this market has been hesitating below for weeks. 357.50 is also the 1.618 extension of the entire bullish swing which serves as a potential target. The move in BTC is impressive and highly irrational, but the move in ETH, although promising, is not that...

MarcPMarkets Wizard

BTCUSD Update: New high made at 5420 which is just above the 5385 level which happens to be the 1.618 extension of the entire recent bullish swing. This is pure greed and euphoria in action, and for those who do not know yet, a hot market usually cannot sustain this rate of momentum. I have been cautious up to these highs and I am staying away from any new swing...

MarcPMarkets Wizard

ETHUSD Update: 303 to 308 minor resistance prevents any upside progress, but the 280 support has not been taken out which puts this market in a range. Most likely price action will stay this way until the highly anticipated fundamental events are out of the way. Even as BTC almost reached 5k and retraced, this market has not made any moves that are worth the...

MarcPMarkets Wizard

BTCUSD Update: Impressive move to 4940 which now puts this market within striking distance of 5k with a proportional possibility of 5109 (2.618 extension of current swing). Any hesitation from here also brings up the massive double top scenario which is why I am staying away from all of these markets at the moment. In my opinion, the higher it goes, the higher the...

MarcPMarkets Wizard

ETHUSD Update: Breaks support and confirms 315 double top while BTC breaks out beyond it's resistance zone and makes a new high. All the alt coins are lower on these new BTC highs and to me, a mixed environment such as this is a red flag. I have been writing about the resistance in this market and now that the 303 support (.382 of recent bullish swing) has been...

MarcPMarkets Wizard

ETHUSD Update: Bullish momentum takes price back up to 315 high while BTC touches 4500. Is this the time to finally give in and buy? NO. When a market looks obvious from a conventional stand point, that is usually time to sell or avoid. Let me explain. I have been writing about bearish signs appearing in BTC and in this market for weeks now. Minor retracements...

MarcPMarkets Wizard

ETHUSD Update: 315 level double top is now generating a pin bar which still has 12 hours before is closes so it can change, BUT again just like BTC, it is worth noting because of the potential bearish trigger that can lead to real selling. There was a nice move from the 286 support zone (that I wrote about previously) back up to 315. I haven't looked, but I am...

MarcPMarkets Wizard

BTCUSD Update: Bearish candle has appeared on the 24 hour chart. A break of the 4280 low triggers the shooting star like pattern which often leads to significant selling momentum. The candle is present, but it is not in effect until the low is taken out. Once 4280 is broken, it is reasonable to expect price to retrace back to the 4104 support and possibly lower....

MarcPMarkets Wizard

BTCUSD Update: 4104 level holds while price pushes back into resistance zone only to stop at the 4352 to 4407 minor resistance (.618 of recent bearish swing). Is this price action bullish? Not on the bigger picture. The price rally that occurred near the 4104 support level that I wrote about in my previous report is the type of move that is great when trading...

MarcPMarkets Wizard

LTCUSD Update: While these markets slowly retrace, this market is following as expected, and I wanted to point out some important levels to consider as the price action unfolds. First let's begin with the 55 level which is the .382 of the broad bearish swing. This level is the current resistance that is keeping this market in the low 50s. The fact that price has...

MarcPMarkets Wizard

BTCUSD Update: Selling momentum is beginning to reveal itself, but is not confirmed until 4104 (.382 of bullish swing) is taken out. Smaller time frame price action has been very misleading because it looked bullish on its way to 4400, but the bigger picture always carries more weight, and it is not bullish. As a swing trader, the bigger picture is key for...

MarcPMarkets Wizard

ETHUSD Update: Minor double top within projected resistance zone of 301 to 307 area while BTC hardly pulls back, but is still stuck within a much more significant resistance zone also. Like I wrote about before, the selling structure has establishing itself, but there is no real catalyst to get these markets moving. Many people are asking why, or trying to find...

MarcPMarkets Wizard

ETHUSD Update: Lower high in place at 301 to 307 area which has occurred after the break of the 291 support (.382 of bullish swing). This is another bearish sign that shows this market is more likely to sell off, rather than go to new highs. I have been writing about this market and BTC for days now. The wave counts have been pointing to further weakness even in...

MarcPMarkets Wizard

BTCUSD Update: I have been explaining my bearish reasoning while the price continues higher. Is it still bearish? Yes and I will use this chart to help explain why. As I wrote in my previous BTC report, price is in the middle of a major resistance zone which is the 4203 to 4548 area (.618 of recent bearish swing). It is a very wide zone which means short term...

MarcPMarkets Wizard

BTCUSD Update: 4212 to 4548 resistance zone implies limited upside and the possibility of a being the price area where a broader Wave C can begin. In my previous report about ETHUSD, I wrote about a Wave B high at 315 which once established, prompted me to stay away from any long swing trades. The bullish structure is not that bullish and overall it is a lower...