MarcPMarkets

MarcPMarkets Wizard

ETHUSD Update: 280 support revisited while bearish momentum continues to push prices lower. Even though this correction still has room to test even lower prices, it is normal and will offer a better opportunity to buy, just not yet. As I wrote about a few reports ago, 320 was a significant break and maybe now you can see why. If you look at a weekly chart, it is...

MarcPMarkets Wizard

ETHUSD Update: Price action is consolidating within the 309 to 290 area and triangles like these are typically continuation patterns. Even though smaller time frames are showing some signs of reversal, the overall momentum is still bearish.' When markets are in clear bullish trends, it is much easier to decide when to buy, but when the environment becomes...

MarcPMarkets Wizard

ETHUSD Update: The 320 break signals the return of bearish momentum and confirms the lower high formation as I described in my previous report. ETHBTC also offered a heads up with it's resistance failure that I mentioned as well. The question now is can this market find support at the projected levels and form a broader higher low? Compared to my average number...

MarcPMarkets Wizard

ETHUSD update: There is a minor higher low at 320 but the current price failure renders it insignificant because the high of this bullish swing has peaked just under the 346 to 367 resistance zone. Plus the ETHBTC price action has failed below its corresponding resistance. I interpret these signs to mean near term bearish momentum is more likely. First let me say...

MarcPMarkets Wizard

ETHUSD Update: 320 resistance is taken out which indicates stability returning to this market for the moment. My plan now is to wait for the next higher low, and I would like to see it somewhere near the 309 support area. That is the first level that I will look for reversal patterns for a possible long entry. The 320 level was the .382 of the recent bearish...

MarcPMarkets Wizard

ETHBTC Update: As these two markets retrace timing a new long position in ETHUSD is not easy because there will be many false starts and a ton of noise. To help filter out the noise, an evaluation of this pair provides clues and a much clearer picture as far as when to expect a more supportive environment. A couple of traders have recently brought this pair to my...

MarcPMarkets Wizard

ETHUSD Update: 296 support broken, and no signs of reversal. If price cannot stabilize and continues into the next support areas, that will signal this market is more likely to consolidate rather than reach new highs any time soon. The 296 support is the .382 of the entire recent bullish structure. I wrote in my previous report that this level was more likely to...

MarcPMarkets Wizard

ETHUSD Update: Price retraces off of the 326 support up to the new 370 resistance level only to turn back and revisit 326. Great day trading price action, but not very appealing if you are considering longer time horizon strategies like swing trading. This bearish momentum points to the 296 level as the next support to test. I mentioned the 326 to 305 zone that...

MarcPMarkets Wizard

ETHUSD Update: Correction unfolds as anticipated, but at a much larger magnitude which calls for a wave count adjustment. The next support levels for potential reversals are 326, 305 and 296. I have been writing about it for over a week. My caution and concern kept me out of this market even though someone actually insisted I was "losing money" by waiting. I...

MarcPMarkets Wizard

LTCUSD Update: The 70 to 73 area target has been taken out upon new all time highs. Wave 3 of 5 continues with the 84 level as the next proportional target, but don't forget, as price goes higher, risk goes higher also. This market along with a few others like ETH and BTC are in a relentless uptrend that is obvious. What you do not want to get caught in is the...

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...