MarcPMarkets

Bitcoin update: Price has taken out the recent bullish trend line which points to a higher likelihood of retesting the 3450 area minor support. From a broader perspective, all this market is doing is establishing another consolidation which is a normal part of the bottoming process. As we always remind our followers, tops and bottoms take time to develop. The ...

Bitcoin update: Price is beginning its first real test to prove if the recent rally is truly the beginning of a broader recovery, or not. The chart formation that is still developing can be the sign of the bottom that everyone has been waiting for, but it still has a ways to go in terms of proof. On the other hand, if price clears the newly projected support ...

BTCUSD update: Recent price action has printed the beginnings of a significant change for this market. The appearance of the descending wedge followed by a sharp price spike is a sign that the underlying selling pressure that took this market below 6K is now losing its grip. This formation viewed in light of recent highs in short interest and a close proximity to ...

The Nasdaq may look ugly, BUT pay more attention to where it is on the road map. IF a reversal materializes at the current level, it can establish a double bottom. If it pushes lower into the mid 153's, it will be within a high probability reversal zone. What does all this mean? It is high risk to be short at current levels. We are looking for relatively strong ...

New Age Beverage is one of our favorite cannabis plays. Great fundamentals along with a stream of supportive news in this sector has helped drive price toward its next major resistance level between 7.35 and 8.50 Our plan is simple: carefully sell put options into pullbacks with the intent to take delivery. Once this market starts pushing into the 8's, we will ...

BTCUSD update: With the short term bearish trend line still intact, this market is poised to test lower prices. The next major support area is 3K and until the weakness is absorbed, it is within reason to go even lower. While we maintain our inventory, we continue to avoid any new trades. Momentum continues until evidence appears that proves otherwise. That is ...

BTCUSD update: Since the dovish FOMC meeting, this market has gone from a low of 3446 to a high of 4415. Which serves as just another example of how sentiment drives price on the short term. Although a 12% move off the low is encouraging, this market has not demonstrated any real change in the momentum on the bigger picture. Yet. The bearish trend line that has ...

BTCUSD update: Price breaks 4K which is in line with recently developed structure. Since the 4800 break, we have been staying away from this market as far as any new positions. We have rules and a plan which we are not going to deviate from in reaction to recent price movement. The 4800 area was a major support level that we had been writing about for months. ...

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 ...