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Elliott wave cryptocurrency analysis for the week February 1

2021-02-01

2021-02-01

Medium-term forecast for five cryptocurrencies as of 01.02.2021Roman 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.

All cryptocurrency pairs covered in the article are forming the final legs of corrective waves, which should be followed by the market rise. The XRPUSD may have started growing in price and could provide a powerful momentum this week.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market continues forming the upward impulse composed of the sub-waves 1-2-3-4-5. There is developing the final leg of the impulse, sub-wave 5, which is also an impulse. The first four legs of sub-waves 5 have completed. There is currently unfolding wave [5]. Let us study its structure in more detail in the eight-hour timeframe.

The chart displays wave [5], which is a simple five-wave impulse. The sub-waves (1)-(2)-(3)-(4) have completed. The market is forming a larger wave (5), namely, its fourth element correction 4. The corrective wave 4 has a complex structure of a triple zigzag [w]-[x]-[y]-[x]-[z]. The second linking wave [x] must have finished, so the price should be declining in wave [z] towards the previous low of 28900. Next, the market should resume rising in the impulse wave 5, as it is outlined in the chart.

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

Sell 33784.50, TP 28900.00

Elliott wave Ethereum analysis

Like in the previous trading weeks, the ETHUSD market continues forming a large simple zigzag A-B-C. The impulse wave A and the corrective wave B, which is a triple zigzag, have completed. The market is moving up in the bullish impulse wave C. At the time of writing, the four legs out of five have completed in the C wave. Let us see the final leg of the C wave in more detail in a shorter timeframe.

Wave [5] of C, currently unfolding, is a simple impulse (1)-(2)-(3)-(4)-(5). Since late December 2020, the market has been rising in the final sub-waves (5). There is forming the corrective wave 4 as a skewed triangle, as the construction lines are directed as the main trend. The triangle should complete at a level of around 1200.00. Next, the market should go up to level 1670.00 in wave 5, as it is outlined in the chart.

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

Sell 1311.73, TP 1200.00

Elliott wave Litecoin analysis

The LTCUSD market continues forming the global simple zigzag composed of the sub-waves A-B-C. The sub-wave A is an impulse, the B wave is a triple zigzag. The market is currently forming the impulse wave C. The sub-waves [1]-[2]-[3] have completed, the corrective wave [4] is still unfolding. Let us explore its structure in more detail in the H8 timeframe.

According to the inner structure, the corrective wave [4] is unfolding as a horizontal contracting triangle. The first three sub-waves (a)-(b)-© look complete. The price should be rising in the sub-wave (d) to a level of 146.00. Next, the market could go down a little in the final wave (e), as it is outlined in the chart. When the triangle pattern completes, the LTC price could start rising to a level above the previous high of 185.00 made by the impulse wave [3].

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

Buy 131.17, TP 146.00

Elliott wave EOS analysis

The current EOSUSD structure suggests the market should be forming the global corrective wave as a bearish triple zigzag [W]-[X]-[Y]-[X]-[Z]. In early January 2021, the market completed the second linking wave [X] as a bullish triple zigzag (w)-(x)-(y)-(x)-(z). Next, the market reversed and started forming the initial element of the final sub-waves [Z]. Let us see the most recent chart section in the eight-hour timeframe.

After the bullish linking wave [X] ended, the price has been declining in the [Z] wave. Wave [Z] must be unfolding as a standard zigzag composed of the three sub-waves (A)-(B)-©. The impulse wave (A) has completed. There is now forming the upward zigzag-shaped correction (B), namely, its final impulse wave C. The price should be rising to a level of 3.51, where the entire correction (B) will be 76.4% of wave (A). One could enter long positions in the current situation.

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

Buy 3.13, TP 3.51

Elliott wave Ripple analysis

The daily XRPUSD chart displays the uptrend unfolding as a global simple zigzag A-B-C. In early November 2021, the market must have finished forming corrective wave B as a triple zigzag, which signals the price growth. The two small sub-waves (1)-(2) must have completed. Let us see the most recent chart section in more detail in the eight-hour timeframe.

After the corrective wave B completed, wave (1) completed as an impulse. The zigzag-shaped correction (2) has also finished. Therefore, the upward impulse wave (3) should be developing over the next few weeks. The price should rise in sub-wave 3 to a level above the previous high made by the linking wave [X], that is, above level 0.787. One could enter purchases in the current situation.

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

Buy 0.606, TP 0.787

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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-01022021&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-01022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus