MarcPMarkets

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...

MarcPMarkets Wizard

BTCUSD Update: New all time highs, which should not be a surprise. The question is: Is the current retrace a minor one? Or does it have room to test lower supports? Elliott Wave provides some interesting perspective to help answer these questions. First I want to mention ETH for a moment. I was debating whether I should write up another ETH report, or BTC, or...

MarcPMarkets Wizard

ETHUSD Update: Nice breakout of 310 on rising volume , but no follow through while BTC is making all time highs? Although price structure remains bullish , I interpret this lack of follow through as a sign of weakness. If BTC is the leader, what happens if there is a healthy retracement in that market? Or is the correlation unwinding? I don't want to be long from...

MarcPMarkets Wizard

ETHUSD Update: Triangle unfolds as BTC and other alt coins make higher highs. The fact that price is not breaking below the 279 support is a sign of strength BUT this lack of participation is concerning. The 306 resistance zone (.618 of bearish swing) seems to have muted the bulls that were pushing this market higher. As a result, a symmetrical triangle has...

MarcPMarkets Wizard

ETHUSD Update: The 279 support was tested and held as price has bounced back up to 300 but this market looks poised for a minor consolidation with 306 being a tough resistance at the moment. I will begin with the wave count since it offers the best perspective on this situation. Elliot Wave can be very complex especially if you get too detail oriented with it. It...

MarcPMarkets Wizard

ETHUSD Update: Higher high established at 316 with a minor retrace unfolding. There is a nice motive wave formation that can provide clues as to how much further this market can go before a more significant retrace. I have been writing about the 250 to 280 resistance zone which this market pushed through without much hesitation taking it into the 306 to 349 zone...

MarcPMarkets Wizard

BCHUSD Update: This market has gone from the 190s back to 350 within 48 hours and is worth evaluating because it offers attractive short term trading opportunities at the newly developed support levels. I have not updated my ETH chart because I would just be repeating myself, it has only gone slightly higher while still in a resistance zone. Meanwhile BTC and BCH...

MarcPMarkets Wizard

BTCUSD Update: Continuing to push all time highs now almost a week after the hard fork. There are no resistance levels except for psychological whole numbers like 3500. As strong as it is, nothing goes up in a straight line, it will retrace. When exactly? There is no way to tell, but we can get an idea as to where it can retrace to. The closest support level is...

MarcPMarkets Wizard

ETHUSD Update: After the 241 resistance break, price has pushed into the 250 to 280 resistance zone that I have been writing about for over a week. The resistance is holding price back at the moment and this could be the beginning of the minor retrace back to attractive support levels. The BTC breakout to all time highs is the catalyst behind this price push,...

MarcPMarkets Wizard

ETHUSD Update: 241 resistance has been taken out as BTC breaks out to new highs on rising volume. Very bullish signs which confirm further strength in this market while previous support levels are now adjusted higher. This market has been maintaining its bullish structure all along so this higher high should not come as a surprise. As I mentioned in previous...

MarcPMarkets Wizard

BCHUSD Update: Lower highs and lower lows signal further weakness. This market has no bullish structure in place at the moment and no support levels to speak of. In a situation like this I would look at purely psychological levels like 250 or 200 for any potential signs of reversal. I have not been reading up on the forums about what is going on fundamentally...