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Elliott wave cryptocurrency analysis for the week December 21-25 2020

2020-12-21

2020-12-21

Medium-term forecast for five cryptocurrencies as of 21.12.2020Roman 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.

Ethereum, Litecoin and Ripple are shaping the last legs in global zigzags. During the coming trading week, prices will probably rise across all cryptocurrencies.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The current BTCUSD structure shows a global bullish impulse 1-2-3-4-5 forming. It seems that a long-term correction 4 has been completed, it consists of sub-waves [W]-[X]-[Y]. Then the cryptocurrency pair rose in impulse wave 5. Most likely, wave 5 has built four parts out of five. Let’s consider it in more detail on the H8 time frame.

After the end of a small correction [4] of 5, the price began to move upwards rapidly. At the moment, impulse [5] has completed 4 parts out of 5. In the near future, the bullish impulse [3] of a smaller degree will be completed, then, after a slight decline in the correction [4], the price will rise in the final wave [5] towards the level of 29500.00. Consider opening longs.

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

Buy 23855.00, TP 29500.00

Elliott wave Ethereum analysis

The ETHUSD structure hints at a bullish simple zigzag A-B-C. Wave A is an upward five-wave impulse, wave B is a bearish correction in the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Wave C is also an impulse that is still being built. The last leg of impulse C is developing in the chart at the moment. Let’s look at the last section of the chart in more detail on the H8 timeframe.

As part of the upward impulse wave [5], small sub-waves (1) and (2) have been formed. Now the final wave 5 of the bullish impulse (3) is developing. Most likely, the price will rise slightly above the high formed by linking wave [X] to the level of 880.00. Then the price is expected to fall slightly within the corrective wave (4). After the completion of this correction, there’ll probably be an increase in impulse (5) towards the level of 1400.00 formed by the bullish wave A.

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

Buy 640.04, TP 880.00

Elliott wave Litecoin analysis

The LTCUSD cryptocurrency pair is forming a large upward zigzag A-B-C. There was a bullish impulse wave A, after which the price went down within the corrective wave B. Correction B is a triple zigzag and it seems to be fully completed. A new bullish wave in the form of impulse is currently developing. Let’s look at the last section of the chart on a smaller timeframe.

An upward impulse wave [1] with a corrective wave (4) in the form of a contracting triangle has been completed. The bearish correction [2] has also been completed. Now the price is rising in an upward five-wave impulse [3]. Most likely, the market will reach the level of 137.00, and after that it will reverse and start moving in the opposite direction, forming a bearish correction [4]. Consider opening longs.

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

Buy 115.70, TP 137.00

Elliott wave EOS analysis

The structure of EOSUSD shows the development of a global triple zigzag, which consists of sub-waves [W]-[X]-[Y]-[X]-[Z]. At the moment, the market is in the second linking wave [X], which is a bullish triple zigzag (w)-(x)-(y)-(xx)-(z), where the first four parts have already been completed, and the last wave (z) is still developing. Let’s consider this wave in detail on the H8 time frame.

The final wave (Z) takes the form of a standard zigzag. The price was rising in bullish impulse A, then going down in bearish correction B in the form of a double zigzag. Now we see the initial part of the impulse wave C forming, and it may lead the market to the level of 4.11, thereby renewing the previous high formed by the wave (Y). Consider opening longs.

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

Buy 3.16, TP 4.11

Elliott wave Ripple analysis

The current structure of XRPUSD hints at a bullish A-B-C zigzag developing. Impulse wave A and bearish correction B have been built, the latter took the form of a double zigzag [W]-[X]-[Y]. At the moment, the market is in the initial part of an upward impulse wave. Let’s look at its structure in more detail on the H8 timeframe.

Sub-waves [1]-[2]-[3] have been fully completed within the bullish impulse. Now a horizontal corrective wave [4] is developing, and this wave, most likely, will take the shape of a contracting triangle (a)-(b)-©-(d)-(e). Recently, the first part of this triangle, sub-wave (a), has been completed. It took the form of a bearish double zigzag. In the short term, a zigzag wave (b) will be developing. It will possibly be completed in the area of 0.743. A  possible future movement is shown in the chart.

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

Buy 0.557, TP 0.743

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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-21122020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  7. my.liteforex.com/deposit/?category=analysts-opinions&slug=medium-term-forecast-for-five-cryptocurrencies-as-of-21122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus