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Elliott wave cryptocurrency analysis for the week 16-20 November 2020

2020-11-16

2020-11-16

Medium-term forecast for five cryptocurrencies as of 16.11.2020Roman 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.

The major cryptocurrency pairs are rising in the final legs of the uptrends. Therefore, this week cryptocurrency prices should grow.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD is forming the corrective wave 4 as a double zigzag. Wave [W] has completed as a simple zigzag. Next, the linking up wave [X] has started developing as a double combination, where the sub-waves (W) and (X) have completed, and the (Y) wave is yet unfolding. Let us explore the (Y) wave structure in the eight-hour timeframe.

Wave (Y) is forming as a simple zigzag A-B-C. The corrective wave B has finished as a contracting triangle. Now, the market is rising in the impulse wave C that is composed of the five sub-waves [1]-[2]-[3]-[4]-[5]. Shortly, the Bitcoin price should be growing in the final sub-wave (5) towards a level of 16700.00. In the current situation, one could enter long trades.

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

Buy 16098.25, TP 16700.00

Elliott wave Ethereum analysis

The ETHUSD market continues rising in the uptrend. The zigzag-shaped wave (W) has ended, the linking down wave (X) has also finished as a zigzag. There is now forming the (Y) wave. It is composed of the sub- waves A-B-C, where waves of A and C are simple impulses, wave B is a zigzag-shaped correction. Let us explore the most recent chart section in the eight-hour timeframe.

In the upward wave (Y), the final wave C is forming as a five-wave impulse. This impulse’s first four legs have completed, and the final wave [5] is yet developing. The price should be rising in wave [5] towards a level of 507.00, which is at the resistance level. Next, the market 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

There is developing the final leg of the global triple zigzag, wave [Z]. Wave [Z] is a down double zigzag, which is composed of the sub-waves (W)-(X)-(Y). The bearish wave (W) has completed as a simple zigzag. Wave (X) is unfolding as a triple zigzag. Let us see the most recent chart section in the eight-hour timeframe.

Within the bullish linking wave (X), there is forming the upward wave Z as a simple zigzag [a]-[b]-[c]. Wave [a] is a leading diagonal, wave [b] is a simple zigzag-shaped correction, wave [c] is yet unfolding as a simple impulse. Under the current conditions, the market should be rising in wave [c] to a level of 74.60. Therefore, one could enter long positions.

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

Buy 66.46, TP 74.60

Elliott wave EOS analysis

The EOSUSD market is following the global down corrective wave B, which is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. There is now forming the final leg of this triple combination; it is wave [Z] that is composed of three elements (A)-(B)-©. When the bearish impulse wave (A) completed, the market has started forming the corrective wave (B) that is composed of the sub-waves w-x-y. Let us study this correction in more detail.

In the corrective wave (B), there have completed W and X, which are simple zigzags. There is now forming the upward wave Y. The market should continue rising in wave Y towards the level of 2.96. At this level, the entire correction (B) will reach 38.2% Fibonacci of the bearish impulse wave (A). After the corrective pattern completes, we could see a new downtrend.

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

Buy 2.52, TP 2.96

Elliott wave Ripple analysis

The XRPUSD market is forming a triple zigzag. The first four legs of this pattern look complete; they are the sub-waves [W]-[X]-[Y]-[X]. At the time of writing, there is developing the final leg of the triple zigzag, the [Z] wave. The [Z] wave is unfolding as a simple zigzag (A)-(B)-©. Let us study the structure of the [Z] in the H8 timeframe.

The impulse wave (A) has completed with all its waves 1-2-3-4-5 as a leading diagonal. Next, the market has started rising in the corrective wave (B). Wave (B) is a standard zigzag A-B-C, where the first two legs have finished, and the impulse wave C is still developing. The price should continue rising in wave C towards a level of 0.285, where the correction (B) will reach Fibonacci retracement of 61.8% of the (A) impulse.

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

Buy 0.269, TP 0.285

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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-16112020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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