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Elliot wave cryptocurrency analysis for the week October 5-9 2020

2020-10-05

2020-10-05

Medium-term forecast for five cryptocurrencies as of 05.10.2020Roman 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.

The cryptocurrencies being analyzed are forming the bullish impulse waves at the time of writing. Therefore, I recommend entering long trades with the target profits at the indicated levels.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market continues forming long-term correction 4 as a double zigzag [W]-[X]-[Y]. The upward linking wave [X] is now unfolding, it is composed of the sub-waves (W)-(X)-(Y). After the tow sub-waves (W)-(X), the price has started rising in the final wave (Y). Let us see its structure in more detail in the eight-hour timeframe.

Wave (Y) is must complete as a simple ascending zigzag A-B-C. The market finished forming the impulse wave A. Next, the corrective wave B started. The B correction must complete as a double zigzag [W]-[X]-[Y]. The market should continue rising to a level of 11315, where the entire linking wave [X] should finish. Next, the price should be declining in the final wave [Y] towards the previous low, made by wave (a).

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

Buy 10641.00, TP 11315.00

Elliott wave Ethereum analysis

In the daily timeframe, the Ethereum price is rising in the upward linking wave [X], which is unfolding as a triple zigzag (W)-(X)-(Y)-(X)-(Z). After the zigzag-shaped wave (Y) finished, the price has started declining in the linking wave (X) that should complete as a simple zigzag A-B-C. The A impulse and the B correction are likely to have completed. The five-wave impulse C should be developing. Let us see its structure in a shorter timeframe.

After the upward correction B finished, the price has turned down and started declining. The market must have started forming the beginning of the C impulse. The approximate trajectory of the future price movement is outlined in the chart. The market should be rising in correction [2] towards a level of 370.00. Next, the market will go down in impulse [3]. Following a short correction up in correction [4], the price will continue declining in wave [5].

Trading plan [ETHUSD][2] for the week

Buy 350.06, TP 370.00

Elliott wave Litecoin analysis

The LTCUSD market continues following the long-term correction B, which is unfolding as a triple zigzag composed of five sub-waves [W]-[X]-[Y]-[X]-[Z]. The most recent section of the chart displays the structure of the final wave [Z], which is forming as a simple zigzag (A)-(B)-©. The impulse wave (A) and the corrective wave (B) have completed. There is now developing the impulse wave ©. Let us see its structure in more detail.

The © impulse is composed of five motive sub-waves 1-2-3-4-5. The two impulse sub-waves 1 and 3 have completed, as well as the corrective wave 2. The price is now rising in the corrective wave 4 that could end as a standard zigzag [a]-[b]-[c]. This correction could finish at a level of 51.00. Next, the price will continue declining in wave 5, as it is outlined in the chart.

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

Buy 46.20, TP 51.00

Elliott wave EOS analysis

Like in the previous trading weeks, the EOS continues moving down in the global corrective wave B, which is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts of this pattern have completed, and the down wave [Z] is unfolding as a simple zigzag (A)-(B)-©. Let us see the most recent chart section on the eight-hour timeframe.

The impulse wave (A) has finished in the simple zigzag (A)-(B)-©. The market is now rising in the corrective wave (B), which may end as a simple zigzag A-B-C. The market should be rising to a level of 2.80 in the C impulse. Next, the price should be declining within the © impulse to a level of 1.40. This level is the previous low made by wave [Y].

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

Buy 2.49, TP 2.80

Elliott wave Ripple analysis

The Ripple market is forming the triple down zigzag [W]-[X]-[Y]-[X]-[Z]. There have completed four parts out of five. Wave [Z] is now developing. The [Z} wave may complete as a simple zigzag (A)-(B)-©. The (B) correction is now unfolding. Let see this zigzag in more detail in the eight-hour timeframe.

The (A) wave, composed of the sub-waves 1-2-3-4-5, has completed as a leading diagonal. The market has started rising in the (B) correction. Over the next few days, the market should continue moving up in the impulse wave C to a level of 0.266, where the entire correction (B) will reach the 38.2% Fibonacci level of the impulse wave (A). Next, wave (С) should drive the price down towards the previous low made by the zigzag- shaped wave (Y).

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

Buy 0.247, TP 0.266

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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

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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
  6. my.liteforex.com/?category=analysts-opinions&slug=medium-term-forecast-for-five-cryptocurrencies-as-of-05102020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  7. my.liteforex.com/deposit/?category=analysts-opinions&slug=medium-term-forecast-for-five-cryptocurrencies-as-of-05102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus