Logo

Posts

Elliott wave cryptocurrency analysis for the week January 25

2021-01-25

2021-01-25

Medium-term forecast for five cryptocurrencies as of 25.01.2021Roman 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.

Bitcoin and other cryptocurrencies may have continued the bullish trends, so the prices could be rising this week.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The daily BTCUSD price chart displays the large upward impulse composed of the sub-waves 1-2-3-4-5. After corrective wave 4 completed as a double zigzag, the market has started rising in impulse wave 5. There must be forming the final leg of impulse 5. Let us explore the most recent chart section on the eight-hour timeframe.

As it is clear from the most recent chart section, the market is forming the upward impulse wave composed of the sub-waves [1]-[2]-[3]-[4]-[5]. The final leg of the impulse (5) of [5] will conclude the entire pattern. The corrective down wave 4 must have completed as a double zigzag, and there have formed the two first sub-waves of impulse 5, they are small sub-waves (1) and (2). The market should be rising to a level above 42000.00, towards level 50000.00.

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

Buy 33408.50, TP 42000.00

Elliott wave Ethereum analysis

The ETHUSD pair, like during the previous trading weeks, is forming a large upward zigzag A-B-C. The sub-waves A and B have completed. Wave A is an impulse, and wave B is a correction formed as a triple zigzag. Wave C is also an impulse, which is still unfolding. There is now developing the final wave [5] of the C impulse. Let us study the market structure in more detail in the H8 timeframe.

The upward impulse [5] is composed of five sub-waves (1)-(2)-(3)-(4)-(5). The four legs out of five have ended. There is unfolding wave (5), driving the price up. The corrective wave 4, composed of the sub-waves [w]-[x]-[y], has recently finished. The price has resumed growing in the final wave 5. The market could be rising to a level of 1670.00, where wave 5 will be equal to wave 3. The price is likely to reach the indicated level.

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

Buy 1414.27, TP 1670.00

Elliott wave Litecoin analysis

The LTCUSD pair continues forming the global simple zigzag A-B-C. After the bearish corrective wave B finished as a triple zigzag, the market has turned up and started rising. There is currently forming the fifth leg of the bullish impulse composed of the sub-waves [1]-[2]-[3]-[4]-[5]. Let us study the most recent chart section in a shorter timeframe.

There have completed impulse waves [1] and [3], and corrective waves [2] and [4]. Over the past few days, the corrective wave [4] was forming, and it seems to have ended as a zigzag (A)-(B)-©. If so, there must be forming the final bullish wave [5]. Therefore, this week, the market should be rising to a level above 185.00, i.e., above the high made by impulse [3].

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

Buy 145.23, TP 185.00

Elliott wave EOS analysis

The EOSUSD market continues forming the global down triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four legs of the zigzag look complete. There is now forming the final bearish wave [Z], which could end as a simple zigzag (a)-(b)-©. Let us explore the initial part of the [Z] wave on the eight-hour timeframe.

After linking wave [X] ended as a triple zigzag, the market has started declining in the impulse wave (A), which is the initial element of the bearish zigzag-shaped wave [Z]. Wave (A) has ended, and there is now forming the bullish correction (B). The (B) correction should end at a level of around 3.13, where wave (B) will reach 50% Fibonacci level of wave (A). Next, the market should decline in the bearish impulse © to a level of 1.50, as outlined in the chart.

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

Buy 2.72, TP 3.13

Elliott wave Ripple analysis

The XRPUSD market continues forming the simple global zigzag composed of three major sub-waves A-B-C. Wave A is a bullish impulse, and wave B is a correction formed as bearish triple zigzag [W]-[X]-[Y]-[X]-[Z]. Let us see the structure of the final leg of the B correction in the eight-hour timeframe.

The final zigzag-shaped wave [Z] has completed in the corrective wave B of a larger degree. There is now forming the initial part of the new uptrend. There is unfolding the bullish impulse C. The sub-wave (1) should soon end at a level around 0.368, which is the high made by wave 3. Next, the market could turn down and start forming a bearish corrective wave (2).

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

Buy 0.277, TP 0.368

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker [here][6]. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while [depositing][7] your trading account.
  • Telegram chat for traders: . We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

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.

Rate this article:

{{value}}

( {{count}} {{title}} )

  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-25012021&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-25012021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus