MarcPMarkets

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...

MarcPMarkets Wizard

ETHUSD Update: The 215 minor support held as price slowly climbs back into the 227 to 240 resistance zone . The 215 support is a higher low structure which is usually a sign of further strength, but the problem at the moment is lack of follow through which can be attributed to low volume . If this market fails to take out the 240 resistance, a retrace back into...

MarcPMarkets Wizard

ETHUSD Update: Small retrace off of yesterday's high, with a development of a minor support zone within the 210 to 215 area. Volume is still very low which may have something to do with the seasonality of financial markets in general. Volume needs to pick up in order for this trend to continue. After trading multiple asset classes for years, I learned one thing:...

MarcPMarkets Wizard

ETHUSD Update: With the big event seemingly out of the way, it appears the outcome was a non event in terms of price action chaos. The higher low that I wrote about in my previous report held and has lead price to a higher high at the 232 area which now puts it within striking range of the 241 resistance (.382 of recent bearish swing). With the compound bullish...

MarcPMarkets Wizard

ETHUSD Update: Less than a day to go for the big BTC event and this market is continuing to build price structures that imply strength. After the initial push up to 213 and attempted break of the 208 resistance, price has retraced to the 190 to 184 minor support which is an ideal location to form a higher low. This market is presenting a broader higher low which...