MarcPMarkets

MarcPMarkets Wizard

BTCUSD Update: A push to a new high, but could not sustain the break out. This failed break is a bearish sign which still maintains the possibility of the C Wave to unfold which can take prices to the 5500 area or even the 5360s. Aren't new highs usually a bullish sign? They are, but in this case, not only is price structure presenting a possible double top, but...

MarcPMarkets Wizard

ETHUSD Update: Consolidation breakout to 310 off of the higher low formed in the 280s. This is a bullish sign and implies further strength, with a reasonable target in the 320s. I have been long from 298.84 for a number of days, and actually got stopped out of half of my small position after making an adjustment (this is all explained in previous reports). So I...

MarcPMarkets Wizard

BTCUSD Update: Price retraced off the 6020 high establishing the lower high formation which is a sign of weakness especially since the .618 resistance area held. Now that the 5690 minor support is taken out, this market is most likely in the C Wave of 4 which can take price to the 5323 level. Like I wrote about in my previous BTC report, lower highs often lead to...

MarcPMarkets Wizard

ETHUSD Update: I am still long from 298.84 while watching this market unfold in a tight range. I have placed an order to sell half of my position at 289.50 which will leave me with 15% of my normal position size with a stop at 279. When a trade is not behaving the way it should, then it is time to reduce risk. So here is my plan: If 290 breaks, then I want to see...

MarcPMarkets Wizard

BTCUSD update: After retracing to the swing low of 5365, price appears poised to retest 6k again, but what to expect from here? I wrote in my previous BTC report that this market has more bearish signs in light of the Elliott Wave count, but after this bullish swing, the count may be thrown into question. Is this market nearing the peak of Wave B of 4? Or is this...

MarcPMarkets Wizard

ETHUSD update: Price is fluctuating in between the .382 and .618 support areas that I wrote about in my previous report. I am long from 298.84 (as mentioned in my update) with my stop now adjusted to 279. I will explain. After reevaluating the price history along with 283 being within the .618 support zone, I thought it would be better in this case to adjust...

MarcPMarkets Wizard Updated 

ETHUSD Update: 304 trend resistance taken out quickly while price is holding above the level, on top of the fact that this level also corresponds to a recent lower high which means momentum is now decisively bullish. I wrote about this level in my previous report, but I did not think it would be compromised so quickly. Like I always say, anything can happen. The...

MarcPMarkets Wizard

ETHUSD Update: The 286 support has been compromised along with a lower low. If this bearish momentum continues, the 258 to 232 support zone is where I am watching for price to retest next. In my previous report, I updated that I exited half of my position in the 290 area for a loss and mentioned that I will hold the other half with the 283 stop which obviously...

MarcPMarkets Wizard

BTCUSD update: Zooming out and looking at the bigger picture always provides important clues as to what price is more likely to do in the near future. In this analysis I am reevaluating the Elliott Wave count in light of the most recent support and resistance levels. The next wave that is most likely to unfold is a bearish one and can take this market back into...

MarcPMarkets Wizard Updated 

ETHUSD Update: The 295 support is compromised again, but price has not been selling off hard. The 286 level is the support that price has rejected significantly and I believe this area offers lower risk opportunities for long swing trades. My previous trade was stopped out at 294, and I am back in at 297.63 (30% of initial position size) my new STOP is 283 and my...

MarcPMarkets Wizard Updated 

ETHUSD update: Failed low (double bottom) formation appears on 1 hour time frame which is a trigger for a swing trade long. I am in from 309.95 (50% position size) with a target of 335 and STOP of 294. Reward/risk is about 1.5/1 (this will change as I make adjustments based on new price action). I updated my previous post as soon as I took the position. The push...

MarcPMarkets Wizard

BTCUSD update: Price breaks out to the 6k key level. Based on the price extension from the current bullish swing, a reasonable target after the 6k break is the 6220 area, but as prices rises, so does the risk. I am not one to paint rockets, but the breakout in this market is a sign of strength that should lead to higher prices in the near term. The pullback to...

MarcPMarkets Wizard Updated 

ETHUSD Update: Price reaches the 286 support area and rejects it with an initial push back to 310. This may be the beginning of a bullish reversal formation on the larger time frame and I am WATCHING carefully for a new swing trade long. BTC and the rest of the markets broke supports and pushed lows, which is interesting because when BTC pushes highs, these...

MarcPMarkets Wizard Updated 

ETHUSD update: 315 support reached as pin bar appears on this time frame to show a possible double bottom formation. I am long at 321.24 (50% of position size) with a stop at 314 and target of 345 Risk/reward is about 3:1). The retest of the 315 level has played out as I wrote about in my previous report. And the price action at the moment is showing a bullish...

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...