MarcPMarkets

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...

MarcPMarkets Wizard

BTCUSD Update: Recent market structure implies underlying strength even though low volume holds it back. With 8/1 just around the corner this market is likely to stay quiet, but IF a bullish catalyst unfolds on Tuesday, there is no structural resistance holding this thing back from new highs and beyond. The recent upswing off of the 1826 low happens to be...

MarcPMarkets Wizard

ETHUSD Update:Multiple day higher low forming in low volume environment as 8/1 gets nearer. As long as price stays below the 208 resistance, it is likely to gyrate within the 183 to 163 support zone. Everyone is waiting for the outcome of 8/1 and the low volume serves as evidence. Nothing unusual about this especially in light of the constant ICO scams and...

MarcPMarkets Wizard

LTCUSD Update: Major bullish trend still intact as long as the 35 support level (.382 of major trend) holds. My wave count puts this current swing into a Wave C of 4, which means there is plenty of potential for a Wave 5 to take this market beyond the 55 high. Today I am giving ETH a break since my previous analysis still holds and volume is low. Not expecting...

MarcPMarkets Wizard

ETHUSD Update: New range bound condition established between 190 support and 205 resistance on declining average volume. With August 1st around the corner, I don't expect much follow through from this market. The 205 resistance which I mentioned in yesterday's report continues to hold, (.382) of previous bear swing. A break higher would indicate that the bearish...

MarcPMarkets Wizard

ETHUSD Update: Bearish break of recent triangle muted by double bottom formation at 190 on the hourly time frame. This signifies strength, but there are new minor resistance levels ahead. Less than 1 week away from the August 1st hard fork in BTC. As we get closer to that date, I believe volume will taper off even further. Keep in mind the bigger picture is still...

MarcPMarkets Wizard

ETHUSD Update: Triangle is broken by weakness and minor supports taken out. The 183 to 163 support zone is the next area I will be looking for reversal patterns to buy back in. The 214 area support which is the .382 of the recent upswing has been compromised which indicates that the bullish momentum generated from the 136 low is not driving this market at the...

MarcPMarkets Wizard

ETHUSD Update: Consolidation continues with the addition of minor bullish structures. I am looking to add to my position if price revisits the 224 minor support. BTC uncertainty holds these markets back. This market has been gyrating within a large triangle since 7/20 with a new higher low established at the 224 level (I wrote about this level in my previous...

MarcPMarkets Wizard

ETHUSD Update: This market is still gyrating within the previously identified triangle with the only new information being the minor higher low established at 219. I am long at 228.61 with only 10% of my usual size. Consolidations require a ton of patience and taking a position at the mid point of a consolidation is usually not the most opportune price, but I am...

MarcPMarkets Wizard

ETHUSD Update: This market is consolidating within a triangle that is part of a bullish context. Typically these formations serve as trend continuation patterns and a subsequent upside breakout will signal the beginning of the next swing up toward the 250 to 280 resistance zone. When I write "bullish context" I am referring to the fact that this market...

MarcPMarkets Wizard

ETHUSD Update: Higher low reversal is established and upswing continues into minor resistance area. New structure on the hourly chart indicates further strength and offers attractive areas to buy. Yesterday between 5 and 7 PM EST (UTC -4) price failed to make a new minor low at the 187 area and reversed. A new upswing emerged and at 3 AM, and presented a higher...

MarcPMarkets Wizard

ETHUSD Update: 241 Pivot resistance taken out in one day. This price action tells me that real buying has returned and that the possibility of trending back up into the 300s or higher has returned. The 241 Level is the .382 of the recent bear swing. Even though price has retraced off this resistance, the fact that it was still compromised signals that the...

MarcPMarkets Wizard

ETHUSD Update: The dramatic retrace off of 136 is not a healthy buying signal. This 4 hour chart provides an idea of where new minor support and resistance is based on this recent price action. When I write "healthy" buying, I am referring to the kind of buying that leads to a bullish trend. Since the 160 low was taken out, the major trend is more neutral than...

MarcPMarkets Wizard

ETHUSD Update: Dramatic price movement always calls for evaluation of the big picture. The 136 low is dramatic and causing a great deal of discomfort (if you read the ETH forums on Reddit). Again I have to say this market is not as bearish as it feels. This is a zoomed out chart of this market since is pre 10 dollar levels. Looking at this from an Elliot Wave...

MarcPMarkets Wizard

ETHUSD Update: Yes it looks ugly, but it still has not broken the 160 major trend support. Bearish momentum is persistent and has taken this market back into the 160s. In light of the bigger picture, the bullish trend is still intact and 160 is the .382 of that trend. If price trades below 160 for more than a few hourly bars, I will adjust my major trend...