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Elliott wave cryptocurrency analysis for the week December 14-18 2020

2020-12-14

2020-12-14

Medium-term forecast for five cryptocurrencies as of 14.12.2020Roman 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.

The cryptocurrency market should be growing in the bullish impulses this week.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the global bullish trend, where the corrective wave 4 has been developing since late 2017. Correction 4 is unfolding as a double zigzag [W]-[X]-[Y]. There is now forming the final leg of wave (Y) of [X], which is the bullish impulse wave C. The C wave is about to end soon. Let us study the C wave in more detail in the H8 timeframe.

The impulse wave C is composed of five sub-waves [1]-[2]-[3]-[4]-[5]. The bearish correction [4] must have ended. Next, there has started forming the final wave [5]. The first four sub-waves must have completed within wave [5], and the market is now rising in the sub-wave (5). Therefore, the market should be running up to the previous high made by impulse wave 3, that is, the level of 20900.00. It is relevant to enter buy positions in the current situation.

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

Buy 19182.00, TP 20900.00

Elliott wave Ethereum analysis

The daily chart displays the structure of the global linking wave [X] unfolding as an upward double zigzag (W)-(X)-(Y). All the three sub- waves are composed of three sub-waves of a smaller degree; they are simple zigzag patterns A-B-C. However, the final wave (Y) hasn’t yet completed; its final leg is currently unfolding. Let us see the ETHUSD market in more detail in a shorter timeframe.

The sub-waves A and B have completed within the upward wave (Y). Wave A is a bullish impulse; the B correction is a zigzag. There is now forming the impulse wave C, where four legs out of five have completed. The Ethereum price should be rising in wave [5] towards level 665.00. One could enter long trades with the target to take a profit at the end of the bull trend.

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

Buy 585.62, TP 665.00

Elliott wave Litecoin analysis

The LTCUSD market continues forming the long-term bullish correction unfolding as a triple zigzag. Within this triple zigzag, there completed the motive sub-waves [W] and [Y] and the linking wave [X]. The second wave [X] is still unfolding. The [X] is composed of three major sub- waves (W)-(X)-(Y). Let us see the structure of the final wave (Y), developing as a double zigzag, in the eight-hour timeframe.

The bullish wave (Y) is developing as a simple zigzag [a]-[b]-[c]. There is forming the upward impulse wave [a] that should end soon. The market could go up to a level of 105.00; next, there should be a short correction in the [b] wave. After this correction completes, the market should start rising in the final impulse wave [c]. An approximate trajectory of the Litecoin future price movement is outlined in the chart.

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

Buy 81.47, TP 105.00

Elliott wave EOS analysis

There is forming the global corrective wave B as a triple zigzag. The second linking wave [X] is now forming as a triple combination with a complex structure. The sub-waves (w)-(x)-(y)-(xx) have completed, and the (z) is still forming. Let us see its structure in more detail in a shorter timeframe.

The (z) wave is a standard bullish zigzag A-B-C. Wave A is an upward five-wave impulse; the bearish correction B is a double zigzag. Wave C must also be an impulse, but it has just started unfolding. Therefore, the EOS market should be rising in wave C towards level 3.91, marked by wave (Y), over the next few weeks.

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

Buy 2.98, TP 3.91

Elliott wave Ripple analysis

The second linking wave [X], which is a part of the global triple zigzag, continues forming. Wave [X] is unfolding as a double zigzag (W)-(X)-(Y). The first two legs of the pattern have completed, and the (Y) is still forming. After the A impulse and the B correction finished, the price has been rising in the impulse wave C. Let us see its structure in more detail in the eight-hour timeframe.

The impulse wave C, currently unfolding, is composed of five sub-waves. After a sharp price surge in the third wave, the market dropped in the corrective wave [4]. Correction [4] seems to have completed; so, the market should be rising in wave [5]. Therefore, the price should be rising to the previous high made by impulse [3] over the next few weeks. So, one could enter long trades in the current situation.

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

Buy 0.503, 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-14122020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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