MarcPMarkets

MarcPMarkets Wizard

ETHUSD Update: Small triangle forming just below the 392 target. Momentum remains bullish and a break of the 390 high can take this market into the low 400s. As long as the 368 minor support is maintained, this market is still in position to continue higher. Triangles are often trend continuation patterns and a breakout above the one on this chart can provide...

MarcPMarkets Wizard

ETHUSD Update: 390 high has been reached followed by immediate selling back to 365 as bullish momentum continues to flow in this market. The current candle is showing possible signs of a bearish wick, and I am watching this price action carefully. Momentum and trend are two separate variables when it comes to price action. It is possible to have bearish price...

MarcPMarkets Wizard

ETHUSD Update: New highs provide for a clearer wave count, new levels to watch for and further strength but there is also an increased risk. Finally a decisive breakout to a the 368 high and almost reaching my previously written about 374 target. Higher highs obviously signal strength and that support levels are more likely to hold on any subsequent retracements,...

MarcPMarkets Wizard

ETHUSD Update: Price is holding, but the failed breakout and lack of progress above 349 is concerning and highlights the risk at these levels. When strong markets break out, this usually attracts more order flow. ETH is a market that is closely watched, and the failed breakout above 349 is concerning because where are all the buyers? I realize these markets may...

MarcPMarkets Wizard

LTCUSD Update: Bullish breakout confirms strength and opens the door to the proportional target zone of the 70 to 74 area, while new support levels provide attractive reference points to buy. This market has been a mystery to me because while BTC and ETH were making impressive moves, this market stayed quiet. That kind of behavior is always suspect because often...

MarcPMarkets Wizard

ETHUSD Update: Price action is stuck within the 324 to 334 minor resistance zone. I am still waiting for a retest of the 306 to mid 290s support for an opportunity to buy back in. It is a waiting game. At the moment price is fluctuating with no progress in either direction. These coins seem to take turns and go in spurts, and in order to attract order flow, this...

MarcPMarkets Wizard

ETHUSD Update: 334 resistance has been taken out, but there is no follow through and the current up swing is not performing as expected, prompting me to consider it an extension of the minor corrective wave. First let's get into what is going on with the levels. The minor resistance zone 324 to 334 (,618 of previous bear swing) has been slowly compromised. The...

MarcPMarkets Wizard

ETHBTC Update: In terms of BTC, this market has a clearer wave count that points to one more upswing before a broader correction unfolds. The high .089s to the low .090s area is a reasonable zone to expect a Wave 5 completion which sheds light on the potential of the upcoming ETH upswing. I have been covering the ETHUSD market very closely, and since not much has...

MarcPMarkets Wizard

ETHUSD Update: Corrective wave in play with one more leg to complete which can lead to a retest of the low 300's. A break above 334 will signal the next leg up is in progress. In terms of wave count, we are in the C wave of subwave 2. C waves are usually impulse patterns and often make people uncomfortable. We have nothing to worry about because upon completion...

MarcPMarkets Wizard

ETHUSD Update: Larger than expected retrace alters wave count and offers good lessons about price action and trade management. Outlook is still bullish as long as supports are maintained. Wow, what a wild move. This is why I always remind everyone "anything can happen". In terms of wave counts, this move changes the structure because Wave 4's do not overlap the...

MarcPMarkets Wizard Updated 

ETHUSD Update: 315 resistance breaks and subdegreee Wave 3 is in play just as I wrote about in my previous report. For those of you who go long in the 280s and 90s, 345 is my first target and 374 is my second target. Clearly a bullish catalyst has sparked the rally, at this point I do not even know what the catalyst is, I can just tell by the vertical nature of...

MarcPMarkets Wizard

ETHUSD Update: Market structure and wave count support the argument that this market is poised to reach the 350 resistance soon. It is a matter of catalyst. First the 297 swing high needs to be broken, followed by the 315 resistance. The 315 break will signal that the next leg up is in play which can take this market to the 350 area that I have been writing...

MarcPMarkets Wizard

ETHUSD Update: This market has retested the 279 support yet again and is attempting to hold. I wrote about this in my previous report. As long as 279 and 263 hold, this market is just waiting its turn for the spotlight. At the moment, BCH has wowed the media and markets with its completely unexpected push to over 900 in a matter of days. Impressive, and as one...

MarcPMarkets Wizard Updated 

ETHUSD Update: Higher low unfolds in the low 290s which establishes a subdegree Wave 2 bottom. All this market needs is a catalyst because in terms of price structure, this it is poised to push the 315 resistance. So much for the head and shoulders everyone was afraid of. If that bearish reversal pattern was in play, we would be breaking supports, not forming...

MarcPMarkets Wizard

ETHUSD Update: 306 resistance taken out, but 315 still holds. Is this a giant head and shoulders reversal? I've mentioned this before and I will address it again. In terms of Elliott Wave, I am evaluating this current bullish swing as a subwave 1 of the larger degree 5. Let's begin with the head and shoulders. I keep getting questions about it, and my evaluation...

MarcPMarkets Wizard

ETHUSD Update: There is a double bottom off of the 279 support and a 5 wave triangle completion. Based on this structure, I believe we are in the beginning of the larger degree Wave 5 that can take this to at least the 350 area over the next week. In my previous report, I posted an update about an hour ago with my trade entry at 294.76. I immediately received a...

MarcPMarkets Wizard Updated 

ETHUSD Update: Head and shoulders formation appearing under the 306 resistance. Is this a sign of a reversal? How does the BTC pullback factor in? I will address these questions. Also the magnitude of this consolidation has prompted me to reevaluate my wave count. First is the head and shoulders which most of you know is a bearish reversal chart formation. Yes...

MarcPMarkets Wizard

ETHUSD Update: Consolidating into what appears to be a pennant formation just under the 306 resistance. In terms of structure this market is still bullish and the 350 area still serves as a good target to complete the broader Wave 3. Pennant formations are just another consolidation where the trend lines converge on an angle. It is a little early to say, but this...