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Elliott wave cryptocurrency analysis for the week 26-30 October 2020

2020-10-26

2020-10-26

Medium-term forecast for five cryptocurrencies as of 26.10.2020Roman 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.

I expect all major cryptocurrency pairs to rise during the coming trading week.

The article covers the following subjects:

Elliott wave Bitcoin analysis

On the daily BTCUSD timeframe, we see that at the end of 2017, the bullish impulse wave 3 was completed, followed by the development of a large correction 4. Most likely, wave 4 will take the form of a double zigzag [W]-[X]-[Y]. As part of this pattern, wave [W] was built in the form of a zigzag, and now the final part of the linking wave [X] is developing, it is a double zigzag (W)-(X)-(Y). The sub-wave (Y), like the subwave (W), is a standard zigzag. Consider the sub-wave (Y) on the H8 timeframe.

The zigzag-looking wave (Y) consists of three main sub-waves A-B-C. Bullish wave A in the form of a five-wave impulse has been fully completed. Most likely, the corrective wave (B) has also been completed, it is a contracting triangle. Now the middle part of the final impulse wave C is developing, that is, the impulse [3] is forming. The end of the indicated impulse will be near the level of 13760.00, then, after a small pullback in the corrective wave [4], the growth will continue in the wave [5] towards the level of 15200.00.

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

Buy 13076.50, TP 13760.00

Elliott wave Ethereum analysis

Ethereum continues to develop a large triple zigzag consisting of sub- waves (W)-(X)-(Y)-(X)-(Z). Recently, the second actionary wave (Y) of the indicated pattern has been completed, then the market began to rapidly decline, forming the first part of the linking wave (X). Most likely, wave (X) will have a standard A-B-C zigzag shape. Let’s take a closer look at the last part of the chart on the H8 timeframe.

The downward impulse wave A was fully completed, then the development of corrective wave B began, it is now taking the form of a double zigzag [W]-[X]-[Y]. It is likely that the double combination will soon complete its development. We are now at the end of the impulse wave ©. Most likely, the growth will continue to the level of 443.00, then the market will reverse and start moving down in a new bearish trend. At the indicated level, the correction B will be 76.4% of impulse A.

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

Buy 405.49, TP 443.00

Elliott wave Litecoin analysis

Litecoin continues the development of the global corrective wave B, consisting of sub-waves [W]-[X]-[Y]-[X]-[Z] and taking the form of a complex triple zigzag formation. On the daily timeframe, we see that after the end of the second linking wave [X], the price began to decline in the last wave [Z], which, judging by the structure, takes the form of a double zigzag (W)-(X)-(Y). At the moment, the final wave (Y) is being formed. Let’s look at it on a smaller timeframe.

Wave (Y) is a simple zigzag A-B-C. Wave A is a bearish five-wave impulse, wave B is a correction in the form of a standard zigzag, inside which an impulse wave [C] is developing. Most likely, the growth will continue to the level of 62.50, at which correction B will equal 76.4% of impulse C, then the cryptocurrency pair will begin to decline in the final impulse C, as shown in the chart.

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

Buy 57.95, TP 62.50

Elliott wave EOS analysis

The EOSUSD cryptocurrency pair is developing a correctional wave B. Its development has lasted for more than two years. The current structure of the indicated correction looks like a bearish triple zigzag, which consists of five sub-waves [W]-[X]-[Y]-[X]-[Z]. We see that four parts out of five are already fully completed, and at the moment the market is moving down in the last wave [Z]. Wave [Z], like other actionary sub- waves [W] and [Y], is a simple zigzag (A)-(B)-©. Let’s look at this zigzag on the H8 timeframe.

The downward zigzag (A)-(B)-© was built in half. We saw a bearish impulse wave (A) followed by an upward corrective wave (B). Correction (B) will likely take the shape of a double zigzag W-X-Y. The W and X waves have already been formed, and the Y wave has recently started developing. During this trading week, we could see the price rise in the indicated wave towards the level of 3.33. At this level, the entire correction (B) will be 61.8% of the impulse wave (A).

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

Buy 2.69, TP 3.33

Elliott wave Ripple analysis

A descending triple zigzag consisting of sub-waves [W]-[X]-[Y]-[X]-[Z] is developing. The first four parts of this zigzag have been completed. At the moment, the last wave [Z] is developing, it is a simple bearish zigzag, consisting of sub-waves (A)-(B)-©. Let’s consider its structure on the H8 timeframe.

In the last section of the chart, there is a downward zigzag developing, inside which the bearish impulse wave (A) was fully completed, and a corrective wave (B) then started developing. It is likely that correction (B) is a triple zigzag. In the short term, we could see the current wave Z completing the correction near the level of 0.273. At this level, wave (B) will be 50% of impulse (A).

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

Buy 0.255, TP 0.273

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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-26102020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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