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Elliott wave cryptocurrency analysis for the week 9-13 November 2020

2020-11-09

2020-11-09

Medium-term forecast for five cryptocurrencies as of 09.11.2020Roman 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 forming the final legs of upward trends. In the medium-term outlook, cryptocurrency prices should be rising, so, one could enter purchases.

The article covers the following subjects:

Elliott wave Bitcoin analysis

Since late November 2017, the BTCUSD market has been forming the corrective wave 4 as a double zigzag. The descending wave [W] finished as a simple zigzag. Next, there has started forming the upward linking wave [X] as a double zigzag, where the sub-waves (W) and (X) have completed; wave (Y) is yet unfolding. Let us study the most recent part of the price chart in the eight-hour timeframe.

Wave (Y) is forming as a simple zigzag A-B-C. The corrective wave B has completed as a contracting triangle. The market has resumed rising in the bullish impulse wave C that is composed of five sub-waves [1]-[2]-[3]-[4]-[5]. The price should be rising in the impulse wave [5] to a level of 16700.00, where impulse C will be 76.4% of impulse A.

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

Buy 15427.00, TP 16700.00

Elliott wave Ethereum analysis

Ethereum continues forming the uptrend. It is clear from the daily chart that the zigzag-shaped wave (W) has ended. There has also completed the linking down wave (X) as a zigzag too. There is now unfolding wave (Y). It is composed of the sub-waves A-B-C, where wave A and C are impulses, wave B is a zigzag-shaped correction. Let us explore the chart structure in the eight-hour timeframe.

The final wave C is forming as a five-wave impulse within the upward wave (Y). The first four legs should have completed within the impulse. The final wave [5] is still unfolding. The price should be rising in wave [5] towards a level of 507.00, which is the resistance level. Once this level is reached, the price could turn down and start declining in the new downtrend.

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

Buy 450.40, TP 507.00

Elliott wave Litecoin analysis

The final leg of the global triple zigzag continues forming, that is wave [Z] is forming. Wave [Z] is a double down zigzag that is composed of the sub-waves (W)-(X)-(Y). The first two elements of this pattern look complete. Wave (Y), composed of the sub-waves A-B-C, is still unfolding. Let us study the price chart in more detail in the eight-hour timeframe.

The down wave A has completed as a five-wave impulse as a five-wave impulse. Next, the price has started rising in the corrective wave B. Correction B is developing as a simple zigzag [A]-[B]-[C]. The market is growing in the final bullish impulse [C]. This impulse should end at a level of around 67.00, which is a little higher than the high hit by the linking wave (X). Next, the market could start rising in the new downtrend, as it outlined in the chart.

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

Buy 60.31, TP 67.00

Elliott wave EOS analysis

The EOSUSD continues forming the global down corrective wave B as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. There is now unfolding the final leg of this triple formation, the sub-wave [Z] that is composed of three parts (A)-(B)-©. After the bear impulse wave (A) completed, the market has started forming the corrective wave (B) that is composed of the sub- waves w-x-y. Let study this correction in more detail.

The sub-wave W and X have completed as zigzags within the corrective wave (B). There is now forming the bullish wave Y. The price must be growing in this wave to a level of 2.96. At this level, the corrective wave (B) will reach the Fibonacci retracement of the bearish impulse wave (A). Next, the cryptocurrency pair should start a new downtrend.

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

Buy 2.51, TP 2.96

Elliott wave Ripple analysis

There continue forming the global triple zigzag. The first four elements of this pattern have completed. At the time of writing, there is forming the final leg of the triple zigzag, the sub-wave [Z]. The [Z] wave is developing as a simple zigzag (A)-(B)-©. Let us study the structure of wave [Z] in more detail in the H8 chart.

The impulse wave A has complete, it is composed of the sub-waves 1-2-3-4-5. Next, the market has started growing in the corrective wave (B). Wave (B) is a simple standard zigzag A-B-C. The first two legs of this zigzag have completed, but the impulse wave C is yet developing. Most likely, the price should be rising in wave C to a level of 0.272, where the entire correction (B) will reach 50% Fibonacci retracement of the (A) impulse.

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

Buy 0.252, TP 0.272

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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-09112020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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