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Elliot wave cryptocurrency analysis for the week October 12-16 2020

2020-10-12

2020-10-12

Medium-term forecast for five cryptocurrencies as of 12.10.2020Roman 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.

All the major cryptocurrencies should finish rising in the first days of the treading week. Next, the cryptocurrency market should turn down and start declining.

The article covers the following subjects:

Elliott wave Bitcoin analysis

In the daily BTCUSD price chart, there is developing the corrective wave 4 as a double zigzag [W]-[X]-[Y]. The first leg of the double combination, sub-wave [W], has completed. There is now unfolding the linking wave [X] as a double zigzag (W)-(X)-(Y) of a smaller degree. There is now forming the (Y) wave, it is composed of the sub-waves A-B-C. The price should be declining in the B correction towards a level of 9160, where the B wave will be 38.2% Fibonacci ratio of the A impulse. Next, the market should be rising in the C impulse and break through the previous high, which could be made by the linking wave [x], as it is outlined in the chart. Let us see the structure of the (Y) wave in the H8 timeframe.

The impulse wave A has completed. There is now forming the corrective wave B as a double zigzag [W]-[X]-[Y]. When the sub-wave [W] finished, the bullish linking wave [X] started forming; it is made of the sub- waves (W)-(X)-(Y). There is now should be developing the final impulse wave с of (Y), it should finish at a level of around 11760. Next, the market could turn down and start declining in wave [Y], as it is outlined in the chart.

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

Sell 11760.00, TP 9825.00

Elliott wave Ethereum analysis

The Ethereum continues forming the upward linking wave [X] that is a triple zigzag. The first three legs of this triple zigzag have completed. The market is now declining in the second linking wave (X). I drew a channel across the tops of (W), (X), and (Y). Wave (X) should end at a level of 157.00, as it is outlined in the chart. This level is at the support level of the channel. Let us see the structure of the zigzag-shaped wave (X) in the H8 timeframe.

The bear impulse wave A has finished in the simple descending zigzag A-B-C. There is now forming the corrective wave B as a double zigzag [W]-[X]-[Y]. The price should be rising in the © impulse towards the level of 393.00, which is the previous high. Next, the market could turn down and start declining towards a level of 157.00.

Trading plan [ETHUSD][2] for the week:

Sell 393.00, TP 307.00

Elliott wave Litecoin analysis

The LTCUSD market continues forming the down corrective wave B that is composed of the triple combination of zigzags. The daily chart displays the final wave [Z] developing as a simple zigzag (A)-(B)-©. There have completed the (A) impulse and the (B) correction, and the impulse wave © is still forming. Let us see its structure in a shorter timeframe.

The bear impulse wave © is composed of five sub-waves 1-2-3-4-5. The first three legs have ended, and the bullish correction 4 is still forming. It is a simple zigzag, and the market is currently forming the final impulse [c] of 4, which should end at a level of 52.40. Next, the market could turn down and start declining in wave 5 towards a level of 25.00, which is the low made by impulse wave (A).

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

Sell 52.40, TP 41.50

Elliott wave EOS analysis

Like in the previous trading week, the market is forming the corrective wave B as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four legs should have completed, and the final leg, wave [Z], is yet unfolding. Wave [Z] is forming as a simple zigzag composed of three sub-waves (A)-(B)-©. The entire B correction must end at a level close to the previous low made by wave [Y], level 1.40. Let us see the structure of the [Z] wave in the eight-hour timeframe.

There is now forming the corrective wave (B) in the zigzag [Z]. This correction is also a zigzag A-B-C. The sub-waves A and B have completed, and there is now forming the impulse wave C, namely, its final leg [5]. The market should be rising in wave [5] towards a level of 2.96, next, the market could start declining in the impulse wave © towards the previous low, level 1.40.

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

Sell 2.96, TP 2.40

Elliott wave Ripple analysis

The XRPUSD market continues forming the triple zigzag [W]-[X]-[Y]-[X]-[Z]. There is now forming the bear zigzag-shaped wave [Z] composed of the sub-waves (A)-(B)-©. The impulse wave (A) looks complete, and the bullish correction (B) is about to finish soon. Let us see the most recent chart section in the eight-hour timeframe.

When the five-wave impulse (A) finished, the market has started forming the corrective wave (B) as a standard zigzag A-B-C. The corrective wave should soon complete at a level of around 0.266. Next, the price could start declining in the © wave to a level below the previous low, made by wave (A). The market should be moving down to a level of 0.110, as is outlined in the chart.

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

Sell 0.266, TP 0.217

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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-12102020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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