MarcPMarkets

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Bitcoin has established a lower high just below the 22K resistance zone and is poised to close below 20K by tonight's weekly close. While price action is slow and appears to be out of play, the bearish factors cannot be ignored. In this report I will share potential scenarios that can unfold in the coming week. Earlier in the week, Chairman Powell had a speech...

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Bitcoin managed to stay above the 20K level for the week which means I am not going to consider the previous test of 17K a major support break. This also means I am NOT going to relabel the wave count from a Wave 4 to a Wave 2. Keep in mind, just because price managed to stay above 20K over the previous week does not mean it will hold for the coming week. In this...

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Bitcoin has broken the 20K major support which means the next level of support is around the 14K area. IF Bitcoin cannot get back above 20K over the next couple of days, then a significant change to the longer term wave count has to be considered. In this article, I will explain some scenarios that can play out for the coming week. The bullish scenario: The...

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Bitcoin has broken the 28K minor support, but do NOT over react. If you have been following my reports, this move should not come as any surprise. The question is, how meaningful is it in terms of the bigger picture? And how does this shape expectations for the coming week? In this report I will offer some potential scenarios to prepare for. Before I get into...

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The recent Bitcoin fake out off of the 32K resistance boundary is very telling. When break out attempts fail in this way, not only does it confirm internal weakness, but has also lured more longs who will further add to the selling momentum IF Bitcoin breaks the minor 29 to 28K support area over the coming week. Were you lured into the long as a result of over...

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Bitcoin has been stuck between 28 and 30K for over a week. There have been numerous buy and sell signals that don't follow through. What to make of this price action? And what is reasonable to expect for the coming week? On Monday of the previous week, I actually shared a swing trade short signal with followers. I made it clear that I was NOT going to take the...

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The bearish momentum continues to drive the short term trend. With the lower high established around the 31 to 32K area, price structure favors a break of supports. It is within reason to anticipate a test of the 25K low, OR a lower low (24K area) UNTIL price proves otherwise. Things to watch for this week: A new sell signal upon the break of the 28,600...

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Bitcoin price structure still favors bearish momentum which means resistance levels are more likely to be respected while support levels are more likely to break (see my previous articles about the bearish environment). If you are looking for swing trades, then WAITING for a resistance level to be reached, followed by some form of confirmation would be the more...

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Bitcoin has taken out 35K effortlessly which was a strong possibility that I have been pointing out for WEEKS (read my previous analysis). With this major support cleared, the 30K level is the next area to anticipate significant support. In this analysis I am going to highlight other relevant levels that may be in play this week. Either way, price structure has...

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Bitcoin is trying to establish yet another double bottom like formation, but there is no reason to get excited. Momentum across the board is bearish which means any buy signals are likely to be limited and/or lack follow through. Focus more on the levels ahead that offer some possibilities, NOT try to guess where Bitcoin is going next. In case you haven't...

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The 42K to 45K resistance area (lower high) continues to hold (blue rectangle) which implies a lower low is likely to follow. This situation continues to reinforce the possibility of testing the 35K support AND since the environment is no longer favorable, a break of that major support. For the swing trade strategy that I employ, this means: it is more reasonable...

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Since the recent peak at 48K, Bitcoin has established a bearish impulse wave that clearly shows 4 waves in place. This points to a greater chance that price will complete the impulse (5 waves) which can lead to a test of the 35K area over the next week or two. Add to that the context of the overall market environment, and this bearish scenario is still favored...

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With the 45K resistance area still intact, the recent price structure (32K low to 48K high) can be considered a broader LOWER HIGH consolidation. Add to that the risks associated with the current economic environment and you have a recipe for a break of the 35 to 32K support area in the coming weeks. I am not saying a break is a sure thing, all I am saying is the...

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The Bitcoin break out above the 45K resistance is far from impressive and while the retrace back into the previous resistance (new support) may offer some potential opportunities, it is very important to not lose sight of the macro fundamental picture. For those who do not understand how interest rates work and the role of the Federal Reserve, you do not...

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42K to 45K resistance means probability favors selling activity, even though there is NO visual sign of it. For me this CLEARLY means NO NEW LONGS, or exit existing longs like swing trades or day trades. Based on the price structure, this is a location to look for swing trade setups on the short side which is not a choice for me since I do not short Bitcoin....

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Bitcoin continues to consolidate between the 42 to 45K resistance and 35K support. This consolidation within the broader context is still a LOWER HIGH. Lower highs often lead to lower lows. The other key factor to consider at the moment is the correlation and vulnerability of the S&P. After the recent FOMC press conference, the market "appears" to be in rally...

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Bitcoin is gyrating around the mid point of the 35K to 45K range. Mid points of consolidations are the MOST random areas which means price action, price patterns, candle sticks, etc. carry very little weight. The more effective thing to do in these situations is WAIT for a specific level or price location before assuming any risk. Reacting to price movements,...

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Bitcoin could not break the 45K resistance over the previous week. This establishes a lower high consolidation and increases the chances of a lower low to come. The recent price spike was nothing more than a REACTION to geopolitical drama. The fact that the bullish move was given back just as quickly implies that there is NOTHING supporting this market, especially...