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Elliott wave cryptocurrency analysis for the week 19-23 October 2020

2020-10-19

2020-10-19

Medium-term forecast for five cryptocurrencies as of 19.10.2020Roman 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.

In the upcoming trading week, prices are expected to rise in the final sub-waves for all cryptocurrency pairs.

The article covers the following subjects:

Elliott wave Bitcoin analysis

On the daily BTCUSD timeframe, a corrective wave is forming, which takes the form of a double zigzag. Wave [W] has been completed, wave [X] is now forming. The linking wave [X] has a double zigzag structure (W)-(X)-(Y). Wave (Y) is developing, which is an A-B-C zigzag. Let’s consider the indicated zigzag on the 8-hour timeframe.

As part of the bullish zigzag A-B-C, the upward impulse wave A, which consists of five sub-waves [1]-[2]-[3]-[4]-[5], was fully completed. Then the price began to decline in corrective wave B, which, judging by the structure, will take the form of a double zigzag [W]-[X]-[Y]. In the short term, the price may rise in the final impulse c of (Y) to the level of 12062, that is, to the previous maximum, then a reversal of the cryptocurrency pair and the price beginning to decline in wave [Y] is possible. The whole wave B can be completed at the level of 9160, where it will be 38.2% from impulse A according to the Fibonacci lines.

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

Buy 11435.75, TP 12062.00

Elliott wave Ethereum analysis

Since the end of 2018, Ethereum has been forming an upward linking wave [X] which takes the form of a triple zigzag. Recently, a bullish wave (Y) came to an end, then we saw a decline in price within the second linking wave (X). Wave (X) is likely to take the shape of a regular A-B-C zigzag. Apparently, the first part of the bearish zigzag is completed, that is, impulse A, and now the corrective wave B is developing. Consider the chart on a smaller timeframe.

After the bearish impulse wave A was completed, we saw a corrective movement within the wave B, which, apparently, will take the form of a double zigzag [W]-[X]-[Y]. At the moment, wave [Y] is in the process of development, it consists of three main sub-waves (a)-(b)-©. Possibly, impulse © will be completed soon around the level of 394.20 which is the previous high. Then the impulse wave C is expected to decline to the level of 157.00.

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

Sell 393.00, TP 307.00

Elliott wave Litecoin analysis

As for LTCUSD, there is a downward corrective wave B developing, and it takes the form of a triple zigzag. On the chart, we see that the linking wave [X] was built, which took the form of a double zigzag, then the formation of the final wave [Z] began. Wave [Z] will possibly assume a standard zigzag shape (A)-(B)-©, where impulse (A) and bullish correction (B) are already completed, and impulse © is still developing. Let’s consider the chart on the H8 timeframe.

After the corrective wave (B), which is a simple zigzag A-B-C, was completed, the market began to build a downward impulse ©. Corrective wave 4, consisting of sub-waves [a]-[b]-[c], is currently  developing as part of this impulse. This correction will possibly end near the level of 51.50, after that wave 5 may lead the market down to the area of the previous low - 25.00, which was formed by the impulse wave (A).

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

Buy 46.98, TP 51.50

Elliott wave EOS analysis

A global corrective wave is developing, it takes the form of a triple zigzag. The first four parts within this triple zigzag have been completed, that is, sub-waves [W]-[X]-[Y]-[X]. The final active wave [Z], which is taking the shape of a simple zigzag (A)-(B)-©, is now in the development stage. Let’s consider this zigzag in more detail on the H8 timeframe.

The downward impulse wave (A) has been completed, then the market began to move in an upward direction building a corrective wave (B). This correction is expected to take the shape of a W-X-Y double zigzag. Wave W zigzag has been fully formed, and wave X appears to have been completed. Thus, in the near future, an increase in wave Y to the level of 2.96 is possible, this is the maximum that was formed by wave W, then we could observe a decrease in the price in the impulse wave © to the previous low formed by the wave [Y], that is, to the level 1.40.

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

Buy 2.51, TP 2.96

Elliott wave Ripple analysis

The development of a large downward corrective pattern continues, it is a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts of this pattern have been completed. And now the final part, zigzag [Z], is developing. Wave [Z] may take the form of a simple zigzag (A)-(B)-©. Let’s consider its structure on the 8-hour timeframe.

As part of the downward zigzag (A)-(B)-©, there was a bearish impulse (A). Currently, waves A-B-C are completing the bullish correction (B). Perhaps, the end of this correction will be in the area of the 0.260 level, after which the price decline will continue in wave © towards the level of 0.110 as shown in the chart. This level is the previous low which was formed by the downward wave (Y).

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

Buy 0.239, TP 0.260

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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
  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-19102020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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