Logo

Posts

Elliott wave cryptocurrency analysis for the week 2-6 November 2020

2020-11-02

2020-11-02

Medium-term forecast for five cryptocurrencies as of 02.11.2020Roman 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 major cryptocurrency pairs are rising in the final legs of the bullish corrective waves. Therefore, I expect the prices to grow this week.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the global corrective wave 4 as a double zigzag [W]-[X]-[Y]. There is now forming the upward linking wave [X]. It is likely to be a double zigzag (W)-(X)-(Y). After the linking down wave (X) completed, the market has started rising in the zigzag-shaped wave (Y) that is composed of the sub-waves A-B-C. It is likely to end at a level of around 15200.00, where the impulse wave C will be 61.8% of the A impulse. Let us see its structure in more detail in the eight-hour timeframe.

The bullish impulse wave C is made of the sub-waves [1]-[2]-[3]-[4]-[5]. The first four legs look complete, wave [5], which is likely to be a simple impulse, has started unfolding. Wave [5] should end at a level of around 15200.00. In this situation, one could enter long positions with a target at 15200.00.

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

Buy 13748.25, TP 15200.00

Elliott wave Ethereum analysis

The ETHUSD market is forming the upward linking wave [X], which an element of the global triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking wave [X] is also a triple zigzag of a smaller degree (W)-(X)-(Y)-(X)-(Z). The bullish wave (Y) may have recently finished as a simple zigzag; next, the price declined. After the bearish impulse A has ended, the price has started forming the B correction. Let us see its structure in more detail in a shorter timeframe.

Corrective wave B, which is a part of the linking wave (X), is developing as a double zigzag [W]-[X]-[Y]. The final element of this pattern, the sub-wave [Y], is a triple zigzag. The first four legs of this zigzag have completed. So, the price should be rising in wave (z) to a level of 423.00, which is the previous high made by wave (y).

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

Buy 398.43, TP 423.00

Elliott wave Litecoin analysis

The LTCUSD market continues forming the global corrective wave B as a triple zigzag. The first three legs of this zigzag have completed. There is now forming the final motive wave (Z) as a double zigzag (W)-(X)-(Y). The sub-waves (W) and (X) have finished; the (Y) wave is half-complete. Let us see its structure in a shorter timeframe.

The (Y) wave is unfolding as a simple zigzag A-B-C. After the bearish five-wave impulse A ended, the price has been rising in the corrective wave B, which is a simple zigzag [A]-[B]-[C]. There is now forming the impulse wave [C], namely its final leg, wave (5). The price is meant to be growing to a level of 62.50. At this level, the B correction will be 76.4% of the A impulse.

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

Buy 55.81, TP 62.50

Elliott wave EOS analysis

The EOSUSD market is declining in corrective wave B, which has been forming as a triple zigzag over the last two years. The sub-waves [W]-[X]-[Y]-[X] have completed within this pattern. There is now developing the final sub-wave [Z] as a zigzag (A)-(B)-©. The impulse wave (A) should have completed, and the price is now following the corrective wave (B). Let us see its wave in more detail in the eight- hour timeframe.

The corrective wave (B) is likely to end as a double zigzag W-X-Y, where wave W is a simple zigzag, the linking wave X is a double zigzag. Wave Y has just started unfolding; it may repeat the structure of wave W. The price should be rising in wave Y to a level of 2.96, where the entire corrective wave (B) will be 38.2% of the bearish impulse (A). Next, the market could turn down and start a new downtrend.

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

Buy 2.50, TP 2.96

Elliott wave Ripple analysis

The Ripple market is forming the global triple zigzag that is composed of five sub-waves. They are the motive waves [W], [Y], [Z], and the linking waves [X] and [X]. There is now forming the final leg of this triple zigzag, sub-wave [Z]. The [Z] wave is likely to end as a standard zigzag (A)-(B)-©. The middle element of this pattern is now forming. Let us explore the most recent section of the chart in more detail.

The impulse wave (A) has recently completed. The market is now rising in the long corrective wave (B), which is likely to be a triple zigzag. The price should be rising in wave Z to the level of 0.263, which is the previous high made by wave Y. After that, the market should turn down and start a new downtrend.

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

Buy 0.241, TP 0.263

Buy 0.241, TP 0.263

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

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

Useful links:

  • I recommend trying to trade with a reliable broker [here][6]. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while [depositing][7] your trading account.
  • Telegram chat for traders: . We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

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.

Rate this article:

{{value}}

( {{count}} {{title}} )

  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-02112020&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-02112020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus