MarcPMarkets

Bitcoin update: Since the sharp sell off a few days ago, price seems to have found some stability. The appearance of two long wicks and inside bars certainly add up to signs of short term strength. It is a good location to cover shorts, or carefully add to long term inventory. The broader structure is now in a much less favorable position for a more significant ...

BTCUSD update: The hard money continues. We got stopped out of another swing trade long recently which comes with the territory. And we were making every effort to be selective with our entry criteria. Our strategy is not flawed, it is just not the best one for this type of environment. So what is the more effective way to trade the hard money? Before I answer ...

Bitcoin update: The break out to 7K is now in progress. We issued a swing trade idea to go long which triggered around 75 points ago. Now it is a matter of waiting for our target (lower than 7K). As long as the newly established minor bullish trend line stays intact, it is within reason to see the low 7Ks relatively soon. Compared to other "experts" who were more ...

Bitcoin update: This market has been stuck around the 6400 level for about 10 days. We can sit here and go back and forth about what this means about the near future and why (along with 10 charts from gurus seeking attention). Or we can learn a very important lesson about market timing. Many years ago when I was a NASDAQ day trader, the experienced traders used ...

BTCUSD update: A breakout attempt to 6480 fizzles out. This is nothing unusual for a tight consolidation. There are major and minor support levels established through the 6300 to 6K price area. As long as these areas hold up, we will continue to anticipate strength and hold our long for the targets. Even though price is not following through on the break out, it ...

BTCUSD update: Not much action since the massive short squeeze recently. There is very little to go by in terms of market structure and timing and why we have be on the side lines WAITING. Those who do not know any better continue to trade and only feed the herd, while we prepare for the high probability move. The Tether situation has created a layer of ...

BTCUSD Update: Price action continues to trade WITHIN A RANGE. The recent sell off only amounted to a 5% correction which is really not that big of a deal. At this point, Bitcoin has to choose a direction by taking out a significant level. Unpopular as it may be, we focus on the waiting game, not on over reactive and costly forced trades. True selling does not ...

BTCUSD update: After some unusual activity on Friday that almost lead to a break out, this market is still going no where. This is actually a good thing because the longer it lingers, the greater the short squeeze will be. With the well established higher low around the 6400 area, structure continues to point to strength. It is amazing to see the herd mentality ...

BTCUSD update: Price action is going nowhere fast. A consolidation within a consolidation. A tough market for those who do not have the ability to wait. The question is: are there any clues as to which way it will break out? Just like trending markets do not continue forever, neither do ranging markets. Consolidations are an expression of balance in terms of ...

ETHUSD update: Lower high formation relative to the 300 resistance level translates to weakness ahead. Even with the recent attempt toward a more bullish effort, the overall structure remains bearish. If Bitcoin continues to 6K, it will be interesting to see how this market behaves in relation. Like I recently wrote, we are all trading one big Bitcoin. The ...

Bitcoin update: Recent price action has everyone excited, confused and most likely losing money. First the confusion set off from the recent outside bar, followed by partial continuation, but the lack of conviction still lingers. This is typical of a consolidating environment. Trying to catch the "big move" before the market provides evidence is a losing ...

Ethereum update: A market that is weak sells off quickly. The bullish inside bar in this market is a sign of a fake out, and not a characteristic of weakness. On top of that, the current structure may be turning into a higher low formation. Bad for shorts. This is the first sign of improved structure since this market made an attempt in July. It is still too ...

Bitcoin update: Price action is holding just under the 6626 resistance level. This minor consolidation can establish a shallow higher low, but in light of the general conditions, follow through is less likely. In my recent S.C., article I talk about the herd's need for action. There are people that are in this for the thrill of the emotional highs and lows, and ...

Ethereum update: The retrace attempt may look impressive at first glance, but the broader structure provides a more sober perspective. A move from the 160 area to 224 is nothing to sneeze at, but how much did you have to lose in the process of betting on this random event? This is one of those situations where good is not good enough. Although the move to 224 has ...

Bitcoin update: Price consolidation presents a tricky situation. It is sitting above an important psychological support which makes it more attractive to buy, but the structure itself qualifies as a bearish continuation pattern. This conflicting information is a perfect example of when avoid a market. At S.C., we do not take trades for the sake of taking trades. ...

ETHUSD update: A close below 180 will put the 150 psychological support into focus. Since the short term Bitcoin structure is pointing lower, this bearish scenario is a strong possibility. At S.C., we promote defense, not forced trades or vague suggestions (and then proceed to take credit for being "right" after the fact). The majority of alts are in a ...

BTCUSD update: 6K support holds which should not be too surprising. In range bound markets supports and resistances are both likely to hold until one side eventually breaks. Imposing your own ideas and opinions on the market ("it's a bear market") rather than letting the market explain itself is what leads to succumbing to the herd mentality. Most "authorities" ...

ETHUSD update: Bearish momentum continues to maintain its grip on price as the 200 level is right around the corner. Structure has been very bearish in this market since July and why we have been sitting on the sidelines. Until this changes, best practices prevent us from doing anything else. The herd mentality is a fascinating thing. And it can be observed ...