MarcPMarkets

MarcPMarkets Wizard

Bitcoin is now fluctuating in a highly random location. This means signals that appear in this range (see long blue rectangle on chart) are likely to have a 50% chance of follow through in a way that you "think". My suggestion is to avoid swing trades in this area and only consider setups on smaller time frames (day trades). This way you keep expectations low,...

MarcPMarkets Wizard

Bitcoin has generated a new buy signal off the double bottom and bullish pin bar reversal that confirmed between Thursday and Friday. The entry would have been 26,650. I missed this confirmation and had not shared the idea, but some students have bought into this. For a swing trade, a reasonable stop loss would be 25,450 and take profit 28,450. Buying this at...

MarcPMarkets Wizard

Bitcoin is now poised to retrace into the 25K key support area. In my previous article I shared a long swing trade idea from the 27,150 level. While this idea started off in the green, it has since produced a conflicting signal and I have suggested to those who took the position to mitigate risk by breaking even or taking a small loss. I do NOT pretend to know...

MarcPMarkets Wizard

Bitcoin is now starting to meet the setup criteria for a new swing trade long based on my strategy. As you can see by the illustration on my chart (squiggly line) I am anticipating a test of the 30K resistance AREA over the following week or two. In this article I will explain the trade idea further. Keep in mind this "manual" swing trade strategy is NOT the same...

MarcPMarkets Wizard

Bullish consolidation developing between the 28K and 30K AREA. Highly random price action, within a general resistance area. This unfolds after a week of heavy economic events. The fact that general bullish bias is still intact in terms of price structure is telling. There are a variety of ways to capitalize on this in terms of strategies. One such way is to WAIT...

MarcPMarkets Wizard

Price has reversed off the high probability support zone that I wrote about on here a week earlier. The complex reversal setup that I described in that article (two days earlier) appeared and confirmed on Tuesday at 28K. I shared the specific trade orders privately Tuesday evening when Bitcoin was pushing 28,400. That swing trade idea produced a 1500 point profit...

MarcPMarkets Wizard

Bitcoin has rejected the 30K resistance area, as I warned about in my previous article, even though there WAS a buy signal there. Price is now fluctuating within the first relevant support AREA which means I am looking for swing trade setups to go LONG. This location fits my criteria in terms of probability and reward/risk but with NO setups confirmed, there is NO...

MarcPMarkets Wizard

Since the 30K break out, it would be wise to adjust relevant support levels. The 28K AREA is the new zone of support that I am watching for the possibility of a new SWING trade long (the previous level was 25K). As you can see from the forecast line that I illustrated on my chart (a week ago), Bitcoin appears to agree with the break out scenario that I outlined in...

MarcPMarkets Wizard

Bitcoin is on the verge of a consolidation break out into the 30Ks, but what is the most effective way to manage the risk presented in this scenario? Price location plays a very important role in shaping trade expectations. Let me explain. You will notice a path that I have illustrated on the chart. Like I explained a few weeks earlier, this is NOT an absolute...

MarcPMarkets Wizard

28K resistance still in play in the face of a dramatic stock market rally over the previous week. This is a sign of relative weakness and speaks volumes about the balance of order flow. The 25K support AREA (see blue square) is the price location that I am WAITING for in order to put on a new SWING trade long. As a market technician focused on short term...

MarcPMarkets Wizard

Bitcoin is NOT in an ideal location for potential swing trade longs in terms of risk (even with the current buy signal in progress). The 28 to 30K AREA is a historical resistance that is still relevant. In this article I will explain the scenario that I am anticipating that will prompt me to share a new swing trade long idea with members. First I want to point...

MarcPMarkets Wizard

The next Bitcoin resistance level is 28K and price is almost there. Can it continue like this? There are some very important factors to consider before you get lured by all the "guru" gimmicks out there. In this article I will explore what scenarios can stimulate this further and what can stop it. First and foremost, if you haven't gotten into this long from...

MarcPMarkets Wizard

After probing the 19K area low, Bitcoin appears to be "bullish" again. That is if you tend to "react" to price information. The 20K break is significant on the broader time horizon AND further confirms the idea that Bitcoin is in the midst of a Wave 2 correction. Two things I will point out in this article: how to evaluate Wave 2 AND how to maintain an EFFECTIVE...

MarcPMarkets Wizard

Bitcoin higher low that was trying to develop a week ago was compromised and has instead established a minor lower high. This puts price into a conflicted situation: if the current 22K low is compromised, a push to 20K is within reason. IF 22K manages to hold, and produce a complex reversal pattern it would imply the short term bullish trend is still intact. As a...

MarcPMarkets Wizard

Bitcoin swing trade long signal in play from the 23,250 level. If bullish momentum follows through, a higher high can follow with a test of the 26 to 28K AREA over the coming week. This move has prompted me to call for a risk adjustment on the short trade that I shared privately from the 24,150 level. At this point, that trade is now RISK FREE if you adjust the...

MarcPMarkets Wizard

Bitcoin resistance is asserting itself around the 25K level as ANTICIPATED. IF the current candle produces a bearish pin around the 25K location, and compromises the pin bar low (24,200 AREA), this will confirm a sell signal for an aggressive swing trade short. Is it wise to short a generally strong market? Here are some points to consider. 1. The recent move...

MarcPMarkets Wizard

The sell setup that I pointed out a week ago has followed through (are you still waiting for 50K?). At this time, a swing trade buy signal is in play from the 21,850 level. This is the upper boundary of my anticipated support area for potential swing trade setups. Is this worth taking? 1. While I am all for long ideas, I am suspect of this single candle reversal...

MarcPMarkets Wizard

Are you still waiting for 50K? While this kind of forecast is completely unrealistic and out of range, it is ESPECIALLY so in light of the new SELL SIGNAL that has appeared off of the 24K resistance following Friday's NFP outcome. As I wrote in my previous analysis, when 5 waves can be clearly counted, the move has likely run out of steam. While this is still a...