MarcPMarkets

MarcPMarkets Wizard

BTCUSD update: The first bearish trend line is in the process of being compromised which is a bullish sign. The problem is, this market is becoming more sluggish than expected. As this market takes its time to form a possible bottom, it is important not to lose sight of the most reasonable possibilities. The 6970 level is where the first bearish trend line is...

MarcPMarkets Wizard

BTCUSD update: Price has not made a new low while breaking above the 6864 previous candle high. This is a bullish sign which is especially emphasized since a long trade was called on S.C. yesterday. Now this market needs to follow through by breaking the bearish trend line and eventually taking out the 7492 level. The next relevant resistance is at the 8090...

MarcPMarkets Wizard

LTCUSD update: Price is poised to push the 106 low as this market along with the rest of the coins continue to follow BTC's bearish sentiment. All of these markets are at attractive locations when it comes to putting on position trades but until buyers establish themselves, either stay out, or accumulate lightly. The 118 level was relevant, until price could not...

MarcPMarkets Wizard

BTCUSD update: Bearish trend line stays intact as price quickly gives back it's recent gains. The 7492 level was never compromised which means a new low is very possible. The current formation can turn into one of the specific scenarios that I am waiting for to buy more and that is the failed low scenario. In my previous report, I mentioned the possibility of the...

MarcPMarkets Wizard

ETHUSD update: Across the board these coins have attempted to retrace as they follow BTC's lead. Unlike BTC, this market has managed to break a bearish trend line. This is the first step toward change, but just like BTC, must meet certain criteria before it is reasonable to expect a more significant bullish move. Clearly, everything is following BTC and all have...

MarcPMarkets Wizard

BTCUSD update: Price establishes a pin bar at 6425 which emphasizes the relevance of the 6805 reversal zone boundary. Now is when things get tricky because this market is not in the clear yet when it comes to broader bullish momentum. The 7492 resistance level is still intact as well as the nearby bearish trend line. What does all this mean? The broader bearish...

MarcPMarkets Wizard

ETHUSD update: This market has been relatively weak compared to the other major coins but that does not mean it has lost its long term merit. In fact, these are great prices for getting into a top coin that can be used especially for investing into much higher potential alts which are very cheap at the moment. In this market, price has fallen through all major...

MarcPMarkets Wizard

BTCUSD update: Bearish momentum is driving price toward 6K support as this market pushes through the 6805 reversal zone boundary. Remember there is no way to pick a bottom in a situation like this. The best we can do is estimate where a reversal is likely and let the market prove itself. If the market continues to stay weak, it can go as low as 4559 before...

MarcPMarkets Wizard

BTCUSD update: Price is attempting to stabilize just above the 6K low which is a very important level for this market. It just so happens that the buyers are entering around the reversal zone boundary which is not uncommon. This is a very attractive area to accumulate a position, especially if you have been out of the market waiting to get back in. Is this the...

MarcPMarkets Wizard

BTCUSD update: Bearish momentum takes price as low as 6614 which is ugly for position traders, but again situations like this call for patience and perspective. The 6K low has not been compromised yet, and even if it is retested, it is very possible that a broad double bottom formation materializes. There are still quite a few technical factors that offer plenty...

MarcPMarkets Wizard

LTCUSD update: Price is pushing into extreme low territory as these markets continue to sell off. As I wrote previously as ugly as they look, if you are building inventory and not using margin, then situations like this are buying opportunities. Most importantly, you must not get sucked into the hype. Selling the bottom is the natural choice for the herd, not the...

MarcPMarkets Wizard

BTCUSD update: Weak prices but no new lows as this market tries to find stability within a multi degree overlapping support area. Often a market bottom is not a simple event, it is a process that unfolds over time. As long as the 6K recent low is not taken out, this market is building a broad base to rally from in my opinion. Right now there is an inside bar in...

MarcPMarkets Wizard

ETHUSD update: New low made at 448 as price pushes into the next reversal zone and hesitates. New lows are a bearish sign, especially when they are occurring below the major support zone. Is this a signal to get short? To exit altogether? No, as ugly as these markets get, it is important to recognize that they are still in an expanding ecosystem. Remember I am...

MarcPMarkets Wizard

BTCUSD update: Price has broken below the minor support around the 8400 level and has gone as low as the 7800 area. Is this market a short? I don't know about you, but I do not care how weak a market looks, I will not short a major support area. I recently took a long swing trade on top of my longer term position at 8815 and got stopped out at the 8200 area. Why...

MarcPMarkets Wizard

LTCUSD update: Higher low established at the 156 level serves as a sign of strength as this market is setting up to break the bearish trend line that has been in place since February. On top of that, price has been fluctuating within a major support zone for almost two weeks which implies further strength to come. Patience is key in this slow and uneventful...

MarcPMarkets Wizard

BTCUSD update: After triggering a long at 8721 and pushing back to 9K, price has retraced back to the 8412 support level. This situation is exactly why you do not chase, and instead place a limit order below the market when you miss a trigger. The swing trade limit buy filled at 8815, which was posted on S.C. website. This price action is tricky to say the least....

MarcPMarkets Wizard

BTCUSD update: Higher low is established off of the 8271 level which was basically the reaction I was anticipating off of the 8412 support. With the outside bar on the 12 hour, this market has triggered a swing trade long signal which is now in play. In previous reports, I have been writing about the 8412 support level (.382 of recent bullish structure). This was...

MarcPMarkets Wizard

BTCUSD update: Price peaks at 9177 high while the next retrace into the 8400 area is in progress. This is where I am anticipating the next higher low formation, which I will interpret as a sign of strength that can lead this market out of the persistent bearish momentum that been holding it back for some time. Keep in mind the higher low formation is not the...