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Elliot wave cryptocurrency analysis for the week September 21-25 2020

2020-09-21

2020-09-21

Medium-term forecast for five cryptocurrencies 21.09.2020Roman Onegin

I welcome my readers!

I have prepared a medium-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ethereum, Litecoin, EOS, and Ripple. I offer trading signals for each cryptocurrency pair.

Almost all cryptocurrency pairs are forming upward corrective waves. This week, the cryptocurrency market should be corrected up. Read the detailed cryptocurrency analysis in the article.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market continues forming the global corrective wave 4 as a double down zigzag [W]-[X]-[Y]. Wave [W] is a simple zigzag. The linking wave [X] is a bullish double zigzag (W)-(X)-(Y), where the sub-waves (W) and (X) have completed, wave (Y), composed of the sub-waves A-B-C, is yet unfolding. Let us see its structure in more detail in the shorter timeframe.

It is clear that the impulse wave A has completed, it is composed of five sub-waves [1]-[2]-[3]-[4]-[5]. The market is now forming the down corrective wave B that could conclude as a double zigzag [W]-[X]-[Y]. There is now forming the bullish linking wave [X]; it should end at a level of 11480. Next, the Bitcoin price could start declining in the final motive wave [Y] to a level of 8160.

Trading plan for [BTCUSD][1] for the week

Buy 10972.00, TP 11480.00

Elliott wave Ethereum analysis

In the daily ETHUSD price chart, there is forming the upward linking wave [X] that started in late 2018. The [X] wave should be developing as a triple zigzag composed of five sub-waves (W)-(X)-(Y)-(X)-(Z). The (Y) wave has completed recently. The market is now declining in the initial element of the linking wave (X). The price should continue running down to the support level of 162.14, which is close to the channel border. The channel is drawn across the tops of waves (W)-(X)-(Y). Let us see the structure of the [X] wave in more detail in the eight-hour timeframe.

Wave [X] may conclude as a standard zigzag A-B-C. The impulse wave A has already completed. The price is rising in the corrective wave B. The price should rise in impulse [c] of B towards a level of 420.00. At this level, the B correction will reach 61.8% Fibonacci level of the A impulse. Next, the price should be declining in impulse wave C, as it is outlined in the chart.

Trading plan [ETHUSD][2] for the week

Buy 374.00, TP 420.00

Elliott wave Litecoin analysis

The LTCUSD market is forming the global corrective wave B, namely, its final leg, the zigzag-shaped wave [Z]. It is unfolding as a simple zigzag (A)-(B)-©. Impulse wave (A) has completed, the bullish correction (B) also looks complete. There is now developing the bearish impulse wave ©. Let us see its structure in the eight-hour timeframe.

The impulse wave © of [Z], currently unfolding, is composed of five elements, they are the sub-waves 1-2-3-4-5. Most likely, the first three legs of this impulse have completed, and correction 4 is now unfolding. When it finishes, the market could start declining in wave 5 towards the previous low made by wave (A), level 25.00.

Trading plan for [LTCUSD][3]  for the week

Buy 47.52, TP 53.00

Elliott wave EOS analysis

The EOSUSD market is forming the global corrective wave B as a down triple zigzag [W]-[X]-[Y]-[X]-[Z]. The sub-waves W], [Y], and [X] are simple zigzags. The first linking wave [X] is an upward double zigzag (W)-(X)-(Y). The price is now declining in the final zigzag [Z] marked with the sub-waves (A)-(B)-©. The impulse wave (A) has completed, and there is now unfolding the (B) correction. Let us study the structure of the most recent section of the EOS price chart in more detail on the eight-our chart.

The down impulse wave (A) has finished at a level of 2.56. There is now forming the corrective wave (B), composed of the sub-waves A-B-C. The price is likely to be rising in the C impulse to a level of 3.21, which is the previous high made by the A impulse. Next, the market should reverse and start declining in the impulse wave © to the level of 2.56, the low marked by wave (A), and next, it will go down to 1.40, the low hit by the [Y] wave

Trading plan for [EOSUSD][4] for the week

Buy 2.66, TP 3.21

Elliott wave Ripple analysis

The XRPUSD market is forming the corrective wave as a triple zigzag. The first four parts have completed. There is now forming the final, fifth wave [Z] as a double zigzag (W)-(X)-(Y). There is now forming the linking wave (X). Let us see its structure in more detail in the shorter timeframe.

After the zigzag-shaped wave (W)completed as a simple, there has started forming the linking wave (X). It should finish at a level of around 0.277, where the (X) wave will be 50% of the (W) wave, according to the Fibonacci retracements. Next, the market should be declining to a level of 0.110 in wave (Y). It is the previous low made by the down wave (Y).

Trading plan for [XRPUSD][5] for the week

Buy 0.246, TP 0.277

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Price chart of BTCUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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  1. my.liteforex.com/trading/chart?symbol=BTCUSD
  2. my.liteforex.com/trading/chart?symbol=ETHUSD
  3. my.liteforex.com/trading/chart?symbol=LTCUSD&returnUrl=true
  4. my.liteforex.com/trading/chart?symbol=EOSUSD&returnUrl=true
  5. my.liteforex.com/trading/chart?symbol=XRPUSD
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