MarcPMarkets

MarcPMarkets Wizard

Bitcoin has rejected the 105K AREA resistance (wrote about this for two weeks see previous). Risk for longs was very high in that area, if you bought, now you pay. The 100K support was cleared but there is some minor support around the mid to high 96Ks (see arrow). There may be a brief retrace from here back to the low 100Ks over the next day or two. IF the 95K...

MarcPMarkets Wizard

Bitcoin has not done much in the previous week besides defining the range of the trade area that I anticipated a week earlier (in a matter of one day actually). The key technical points are established and it is a matter of catalyst and confirmation when it comes to aligning with the potential trade areas that can develop over the coming week. The 105K AREA is the...

MarcPMarkets Wizard

Bitcoin briefly tested 90K only to show a sharp reversal which has lead to a run into the 105K area resistance. IF momentum continues, 108K can be tested, but IF a bearish reversal appears, a test of 100K is also possible. The key is looking for confirmations on smaller time frames in order to get a better sense of what the market wants to do, not what you think...

MarcPMarkets Wizard

Bitcoin is consolidating within what appears to be a broad head and shoulders pattern. In my previous week's article I wrote about the break of the inside bar highs which had 4K profit potential (see previous article). I mentioned NOT to expect much more from there. Bitcoin has retraced back into the 90K AREA support zone since. Along with that a similar two...

MarcPMarkets Wizard

Bitcoin has found support in the low 90K area (read my previous week's analysis). As long as 90K stays intact it is within reason to continue to have bullish expectations. Also wrote in the previous article that overly optimistic expectations are not in line with the developing price structure. Based on the inside bar formation that is developing now (see arrow),...

MarcPMarkets Wizard

Bitcoin has rejected the 99,500K resistance area establishing a LOWER HIGH (see arrow). This is a BEARISH sign that increases the chances of a 90K support break. At the same time, price is back inside of a broader support zone (90 to 95K) which may see a brief reversal develop as well. In order to utilize this information which may appear to be conflicting, you...

MarcPMarkets Wizard

Bitcoin may be on the verge of compromising the 90K support which I will interpret as a sign that the next broader corrective cycle MAY be beginning (Wave (IV)). IF this is the case, you can remove your Bitcoin 200K party hats for at least a YEAR or two. Gold had a similar outcome a few years back and persisted in a consolidation for two years before it broke out....

MarcPMarkets Wizard

Bitcoin is poised to push the 104K high after breaking the previous inside bar (buy signal). While this is exciting and a newsworthy event for the casual observer, it is important to recognize some potential turning points from here. While there is no precision to this, it does offer a way to measure profit objectives and compare them to the growing RISK. Once...

MarcPMarkets Wizard

Bitcoin could be developing a Wave 5 of a broader 5th wave which would complete an even larger Wave 3 (see monthly chart). IF this is confirms, it implies that a much larger corrective cycle (Wave IV) has a greater chance of unfolding. This corrective cycle can see price retest 70K and STILL BE WITHIN a bullish configuration. Such a move can take 6 months to a...

MarcPMarkets Wizard

Bitcoin has retraced to the 90K support (anticipated in my previous article) and is now attempting to retest the 100K high for the second time. Markets are mostly RANDOM, which means there are countless scenarios than can unfold from here. In this article I will focus on just TWO possibilities that I am anticipating for the coming week. The market chooses the...

MarcPMarkets Wizard

Bitcoin 99,860: missed 100K by less than 200 points so far (on Coinbase). 100K is going to most likely serve as a psychological barrier which should be considered when evaluating RISK. My previous week's scenario failed to play out because the momentum from the election results is still driving order flow. Price has YET to REALLY exhibit a healthy retrace (while...

MarcPMarkets Wizard

Bitcoin has gone nuts thanks to the historical election catalyst. Unusual situations such as these often provide lots of opportunity but that opportunity comes in forms that may not be so obvious to many. In situations where a market makes new all time highs, I do not get caught up with what the crowd is saying, and instead measure the affects of such a move in...

MarcPMarkets Wizard

Bitcoin missed all time high by 200 points. Are you long from the RISKIEST price location since March? If you observe this price action from a larger time frame (weekly), you should recognize the failed high which is a variation of the classic double top formation. If you got long betting on the break out (on this time frame) and a red candle develops the next day...

MarcPMarkets Wizard

Bitcoin showing a higher low consolidation just above the 64K area support. Relative to the previous bullish structure, this signifies a higher likelihood that a higher high will follow, it's just a matter of catalyst. In the mean time, price can fluctuate either way from the current point (random). While the trend may be obvious in this situation, timing it...

MarcPMarkets Wizard

Bitcoin over the recent week has blown through the 64K resistance and now hesitating at 68K. The blue square on my chart highlights the resistance zone that price fluctuates within. Is Bitcoin more likely to continue higher or retrace back to 64K from here? In this article I will evaluate the possibilities of both outcomes and how to better align your decision...

MarcPMarkets Wizard

Bitcoin continues to respect the support/resistance levels within the broader consolidation. These price areas have been relevant for months and will continue to be relevant UNTIL the market proves otherwise. To navigate this environment effectively requires the ability to anticipate price behavior at these key levels, confirm a reversal AND quantify the risk...

MarcPMarkets Wizard

Bitcoin has retraced further than anticipated from my previous analysis (went to 60K instead of 64K support). There was never any price confirmation to go long on this time frame so you should have been able to avoid getting caught on the wrong side of such a move. While there appears to be a bullish correction of that move in progress now, it is important to...

MarcPMarkets Wizard

Bitcoin has pushed beyond the 64K resistance but is now hesitating with the appearance of an inside bar. If the high of the inside bar is cleared, that would be a momentum continuation signal which can see price push into the 67 to 69K resistance. If the low of the inside bar is cleared, a retrace can unfold which can take price back into the 63 to 64K area (old...