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Elliott wave cryptocurrency analysis for the week 23-27 November 2020

2020-11-23

2020-11-23

Medium-term forecast for five cryptocurrencies as of 23.11.2020Roman 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 most recent chart sections of the major cryptocurrencies display the uptrends. Let us study the situation in more detail for each cryptocurrency pair.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The daily timeframe of the BTCUSD price chart displays that, after the bullish impulse 3 ended, the market has started forming corrective wave 4 as a double zigzag [W]-[X]-[Y]. The price is currently rising in the linking wave [X], which is a double combination (W)-(X)-(Y). The first two parts of the combination have formed, and the final zigzag (Y) is still unfolding. Let us explore the structure of wave (Y) at the eight- hour timeframe.

The final wave (Y) of the double zigzag [X] is composed of the sub-waves A-B-C, it is a simple zigzag. Wave A is a bullish impulse, corrective wave B is a contracting horizontal triangle. Wave C is also an impulse, with the sub-wave [4] forming inside. Therefore, the price could go down a little in correction [4]. Next, the market should resume rising in wave [5] to a level of 20000.00.

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

Buy 18499.00, TP 20000.00

Elliott wave Ethereum analysis

The daily chart suggests that the down wave [Y] finished two years ago. Next, the price started rising in a new bullish trend. The current price structure looks like an upward double zigzag (W)-(X)-(Y). The first two sub-waves (W) and (X) have completed as zigzags, there is forming the final zigzag (Y). Let us see its structure of the (Y) wave in a shorter timeframe.

Wave (Y) is composed of the sub-waves A-B-C. The impulse wave A and the bearish zigzag-shaped corrective wave B have completed. Wave C is unfolding as a simple impulse composed of five sub-waves [1]-[2]-[3]-[4]-[5]. There is forming the final sub-wave, wave [5]. The sub-waves 3-4-5 should conclude the uptrend at a level of around 665.00.

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

Buy 582.50, TP 665.00

Elliott wave Litecoin analysis

There is forming a global uptrend as a zigzag A-B-C. The impulse wave A finished, and the market has started declining in the triple zigzag [W]-[X]-[Y]-[X]-[Z]. The second linking wave [X] is a double zigzag (W)-(X)-(Y), with the final leg (Y) forming inside. Let us study its structure in more detail in the eight-hour timeframe.

Wave (Y) is also a bullish double zigzag, like the major trend. There is forming the beginning of the upward wave Y, which could be a simple zigzag [a]-[b]-[c]. The impulse wave [a] should complete at a level of around 115.0. Next, following a short drawdown in correction [b], the price should continue rising in impulse [c] towards a level of 145.00.

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

Buy 87.48, TP 115.00

Elliott wave EOS analysis

There is forming the global corrective wave B as a descending triple zigzag. The first four parts of this pattern have completed, and there is developing the final motive wave [Z]. Presumably, wave [Z] should conclude as a simple down zigzag (A)-(B)-©, where impulse (A) is complete, and the corrective wave (B) is unfolding. Let us see the structure of this correction in more detail.

The corrective wave (B) is unfolding as a double zigzag W-X-Y. Wave W is a simple zigzag, the linking wave X is also a zigzag. There is forming the final leg of the Y zigzag, namely the bullish impulse wave [c]. The price should continue rising to a level of 3.52, where wave (B) will reach 76.4% Fibonacci level of the (A) impulse. Next, the market should turn down and start declining in a new downtrend.

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

Buy 3.12, TP 3.52

Elliott wave Ripple analysis

The XRPUSD market is forming a large descending triple zigzag. The first three legs of this zigzag must have completed, and there is now forming the bullish linking wave [X]. The [X] wave should be a double zigzag (W)-(X)-(Y), where the sub-waves (W) and (X) have finished, and the (Y) wave is still unfolding. Let us study the most recent chart section in more detail on the eight-hour timeframe.

The (Y) wave is developing as a simple zigzag A-B-C. Wave A is a leading diagonal, wave B is a bearish correction, wave C is an impulse currently forming. The impulse wave [3] seems to have completed. After a short decline in correction [4], the Ripple price should continue rising in the final wave [5] towards a level of 0.540, as it is outlined in the chart.

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

Buy 0.455, TP 0.540

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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-23112020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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