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Elliott wave cryptocurrency analysis for the week December 7-11 2020

2020-12-07

2020-12-07

Medium-term forecast for five cryptocurrencies as of 07.12.2020Roman 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.

This week, the cryptocurrencies should be rising in the final legs of bullish impulses.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming corrective wave 4 as a double zigzag [W]-[X]-[Y]. There is forming the linking wave [X] as a double combination of zigzags, where waves (W) and (Y) are standard zigzag- shaped waves, and the linking wave (X) is a bearish double zigzag. Wave (Y) has not yet completed. Let us see its structure in more detail in the shorter timeframe.

Wave (Y) is composed of three major sub-waves A-B-C. After the sideways correction B has ended as a triangle, the market has started rising in the impulse wave C. The first four legs of wave C must have completed, and the final wave [5] is still forming. This week, the Bitcoin price should be rising to a level of 20500.00, which is above the previous high made by impulse 3.

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

Buy 19349.50, TP 20500.00

Elliott wave Ethereum analysis

In the double zigzag of a larger degree, there is forming the upward linking wave [X]. The [X] wave is forming as a double zigzag (W)-(X)-(Y), where the first two legs have completed, and the final wave (Y) is still forming. There have finished the bullish impulse A and the bearish correction B. The C wave is also an impulse, which should end soon. Let us see the structure of the most recent section of the chart in the eight-hour timeframe.

The impulse wave C is composed of five sub-waves [1]-[2]-[3]-[4]-[5]. The bearish corrective wave [4] has completed, and the price has started rising in wave [5]. The Ethereum price should be rising to a level of 665.00. Next, the market will turn down and start a new downtrend. One could enter long trades in the current situation.

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

Buy 597.79, TP 665.00

Elliott wave Litecoin analysis

The LTCUSD market is forming the large bearish triple zigzag, with the corrective linking wave [X] forming inside. This wave is a double zigzag composed of the sub-waves (W)-(X)-(Y). There is forming the final leg of this pattern. Let us study the price chart in more detail in the eight- hour timeframe.

The eight-hour timeframe displays the (Y) wave, which is a part of the linking wave [X]. The (Y) wave is a double zigzag W-X-Y, where the Y wave is unfolding. This week, the market should be rising in the bullish impulse (5), so one could enter long positions. The impulse wave (5) should conclude the entire bullish impulse [a]. Next, the bearish correction [b] should start unfolding as it is outlined in the chart.

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

Buy 84.42, TP 105.00

Elliott wave EOS analysis

The EOSUSD market is forming the global corrective wave B as a triple combination. There have completed the sub-waves [W]-[X]-[Y]. The market is forming the upward linking wave [X] as a triple zigzag (w)-(x)-(y)-(xx)-(z). The final wave (z) should complete the zigzag. Let us see its structure in more detail in the eight-hour timeframe.

The final motive wave (Z) of the triple zigzag is developing as a standard zigzag A-B-C. The price rose in the bullish impulse A; next, it dropped in the corrective wave B, which has already completed. The market should start rising in the new bullish impulse wave C. The market should grow to a level of 3.91. This is the previous high made by wave (Y). It is relevant to enter long trades in the current situation.

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

Buy 2.98, TP 3.91

Elliott wave Ripple analysis

The XRPUSD market is forming a corrective pattern. This correction is unfolding as a triple zigzag, it is composed of the three sub-waves [W]-[X]-[Y]-[X]-[Z]. The bearish sub-wave [Y] completed not long ago. Next, the price has started rising in the linking wave [X]. The short correction [4] should end soon. Next, the market will resume rising in wave [5] towards a level of 0.795.

In the eight-hour timeframe, the impulse C of (Y) is forming. Corrective wave [4] is currently forming as a contracting triangle. The wave (d) should end soon. Next, after a decline wave (e), the entire wave [4] should end at a level of around 0.795. One could enter long positions with a target at 0.795.

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

Buy 0.616, TP 0.795

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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-07122020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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