MarcPMarkets

MarcPMarkets Wizard

ETHUSD Update: 312 level compromised, but price sold off right back to 300. As I wrote about in my previous report, double tops are not always precise and based on this price action, this can be identified as a double top variation. A double top is a bearish sign, especially on this magnitude. On top of that, the current wave count is not bullish at all, which...

MarcPMarkets Wizard

ETHUSD Update: Breakout attempt at 300 happening as I write this. Price needs to push above 312 to signify a successful bullish breakout. If this market can mount that kind of rally, then the next retrace should offer a reasonable buying opportunity for a swing trade. Price action has been slow around the 300 level if you are waiting for a swing trade. Sure if...

MarcPMarkets Wizard

ETHBTC Update: This market serves as a good indication as far as where these coins want to go and it doesn't look bullish. The relationship helps to clarify the direction, but not the magnitude based on results of the recent price action. This market is important because it is how a large number of investors are committed to ETH. As you can see, the recent...

MarcPMarkets Wizard

ETHUSD Update: The 300 level will signal if this market is going to resume bullish momentum, or not. The market determines where it is going to go and if it decides to present a bullish breakout, then it will be just a matter of time for a long setup that offers better reward/risk. The retest of the 300 level is very interesting because on the bigger picture,...

MarcPMarkets Wizard

ETHUSD Update: Another failed attempt to break the 271 to 291 resistance zone which does not support the bullish argument in terms of price action. If this market has any real buying, the proof will be a sustained break of the 300 weekly high. If price does not break above the 300 level in its current attempt to rally, it will have sucked in liquidity for the...

MarcPMarkets Wizard

BTCUSD update: Price establishes lower high at 3808 and is poised to push lower, but the question is how low? I am going to present some possibilities based on Elliott Wave and Price Extensions. This chart further explains why I will not go long ETHUSD at current prices for a swing trade. In my previous report I talked about the double bottom on the 4 hour ETHUSD...

MarcPMarkets Wizard

ETHUSD Update: Double bottom in place at the 250 level which is a sign of strength within a bearish context. A break above 270 will confirm the reversal and will begin to build an argument for higher prices. The 260 support broke as expected, but a double bottom at 250? (Just under the .382 level). I was hoping for this pattern somewhere between 237 and 219, but...

MarcPMarkets Wizard

ETHUSD Update: The 271 level has been taken out as bearish momentum slowly works it's way back into the price action. If price takes out the 260 support (.382 of current bullish swing) then this market is more likely to retest the 237 to 219 support zone (.618 of current bullish swing). If price is going to get extreme, like I have been writing about in recent...

MarcPMarkets Wizard

LTCUSD Update: Same situation as the BTC market with consolidating price action just under the 55 resistance level (.382 of bearish swing). I am writing about this market to show what I am thinking for longer term positioning. This market has previously lagged the top coins, and seems to now be following the leader which in my opinion makes it more attractive...

MarcPMarkets Wizard

BTCUSD update: The key resistance is the 4203 to 4548 area which is the .618 of the recent bearish swing. If price fails off of this area, it will need to find support above 3690 in order to maintain the current bullish structure and a chance to push beyond the 4548 level. If 3690 breaks, that could be the beginning of a correction that can take price back to the...

MarcPMarkets Wizard

ETHUSD update: Nice push into the 271 to 291 resistance zone off of the shallow higher low. Tough trade to take because of the risk, and now even more so since price did not clear the resistance completely. Bullish movements back up in the face of bearish structure is probably the most confusing for newer traders. Don't worry because if this market is going to...

MarcPMarkets Wizard

ETHUSD Update: Shallow higher low established at the 238 level while price is attempting to push the minor resistance at the 259 to 262 area. The problem is momentum is still bearish and the 271 to 291 resistance zone ahead can lead to a lower high. The higher low in place is a great example of a reversal formation, the problem is it has appeared in a very...

MarcPMarkets Wizard

BTCUSD Update: Since this market is leading the entire coin world, it is a good idea to gain some perspective on where this market can go in order to better evaluate the risk of your positioning in the alt coins. Let's begin with the current momentum since the recent price spike may have some people confused. The push back up to 3875 is just barely above the 3723...

MarcPMarkets Wizard

ETHUSD Update: Price went sub 200 only to push back up to 250 in a matter of hours, along with all the coin markets. Now you know why I suggested considering a small position as an investment. The bearish momentum is not over yet, and now these markets need time to build up some supportive structures again so I am not anticipating new highs any time soon. The...

MarcPMarkets Wizard

ETHUSD Update: 230 support area has been reached while all the coin markets sell off. This is actually a great time to start considering accumulating small positions for the long term even while there are no signs of buyers. Momentum is bearish and price has been making lower lows along with the rest of the markets. BTC is clearly leading the way. You can blame...

MarcPMarkets Wizard

ETHUSD update: Bearish momentum continues as price revisits the 260 support level. I have been stopped out of my long, and will now wait until the market can show new signs of stability. At the moment, the next area of support is the 230 zone which is very possible until the momentum changes. I have been writing about the 296, 260 and 230 levels for some time...

MarcPMarkets Wizard

ETHUSD Update: The 310 buy trigger has been activated and price has retraced back into the support zone. At the moment this market is range bound and in order to show progress, the 313 to 325 resistance zone has to be taken out. It is situations like this that especially require having a well defined plan and knowing your risk. I am long from 310, but not with an...

MarcPMarkets Wizard

ETHUSD Update: Stability forming now that two higher lows are in place at the 267 and 276 levels. This allows for a clear definition of risk and a scenario that can lead to a new long position. At the 267 level there is a bounce that retraces back to 276. This formation is a broad higher low which indicates strength returning to this market. The bearish momentum...