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Elliott wave cryptocurrency analysis for the week February 8

2021-02-08

2021-02-08

Medium-term forecast for five cryptocurrencies as of 08.02.2021Roman 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.

The ETHUSD market seems to have completed the global zigzag. Therefore, the Ethereum price should be trading the new downtrend during the next few weeks.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the global impulse wave 1-2-3-4-5. The first four sub-waves of this pattern have completed, and the price is now rising in the final sub-wave 5. Wave 5 is composed of the sub-waves of a smaller degree [1]-[2]-[3]-[4]-[5] and is unfolding as an impulse. The price has sharply risen in the final sub-wave [5] and continues going up. Let us explore the structure of [5] in more detail in the eight-hour timeframe.

Four sub-waves (1)-(2)-(3)-(4) have completed in the impulse wave [5]. There is developing the sub-wave (5), which looks like an impulse. The market has recently completed the bearish correction 4, which has a complex structure of a double zigzag [w]-[x]-[y]. The Bitcoin price is now rising in wave 5 that should be an ending diagonal. An approximate trajectory of the Bitcoin future price movement is outlined in the chart.

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

Buy 39171.50, TP 45500.00

Elliott wave Ethereum analysis

The ETHUSD market is forming a global zigzag-shaped trend, which could finish soon. The upward impulse wave A has completed, and the bearish correction B has also completed as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Next, there has started developing the upward impulse wave C. The market has sharply risen in the final fifth wave of the C impulse, which should have completed by now. Let us study the most recent section of the Ethereum price chart in a shorter timeframe.

The most recent ETHUSD price chart shows that the final fifth wave of the C impulse has completed as an impulse too. In January 2021, the long corrective wave 4 completed as a skewed triangle. Next, wave 5 finished the entire bullish trend. If the assumption is correct, there should start a new bearish impulse in the next few days. The initial element of the new bearish impulse is schematically outlined in the chart.

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

Sell 1629.44, TP 1420.00

Elliott wave Litecoin analysis

The LTCUSD market continues forming a large ascending zigzag A-B-C. In early 2020, the market finished the bearish corrective wave B, which has a complex structure of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Next, the market started rising, forming the initial part of the upward impulse wave C. Let us see the most recent chart section in more detail in the eight-hour timeframe.

The market has completed the sub-waves [1]-[2]-[3]. The sideways corrective wave 4 is currently unfolding as a contracting horizontal triangle (a)-(b)-©-(d)-(e), which is about to finish soon. The zigzag- shaped wave (e) should complete the triangle. Therefore, over the next few weeks, the market will be forming the zigzag a-b-c, which could end at a level of around 137.00. Next, the LTC price should start rising again, as it is outlined in the chart.

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

Sell 151.71, TP 137.00

Elliott wave EOS analysis

The EOSUSD market is forming the bearish corrective wave B, which is an element of the global zigzag. The B correction is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts of the pattern have finished, and the final wave [Z] is still forming. The [Z] wave may complete as a standard zigzag (a)-(b)-©. Let us study the most recent chart section in more detail in the eight-hour timeframe.

The two sub-waves have completed within the downward wave [Z]; they are the (A) impulse and the upward corrective wave (B). The (B) wave looks completed, so, the down impulse wave © should be developing over the next few days. The price could break through the previous low and go below level 2.39, marked by the impulse wave (A). Therefore, one could enter sell trades in the current situation.

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

Sell 3.40, TP 2.39

Elliott wave Ripple analysis

The XRPUSD market is also forming the large upward zigzag A-B-C. The first impulse wave A has completed. The corrective wave B is still developing as a bearish triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts of the zigzag have completed, and the final wave [Z} is currently developing. Let us see the structure of the [Z] wave in more detail in a shorter timeframe.

The down wave [Z] has a complex structure and may complete as a double zigzag (W)-(X)-(Y). The re have completed the downward wave (W) and the upward linking wave (X). Both waves are simple zigzag. The final wave (Y) may be unfolding as a double zigzag, and there is forming its first leg, the W wave. The Ripple price should be declining in the [c] impulse, which will conclude the W wave at a level of 0.357.

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

Sell 0.425, TP 0.357

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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-08022021&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-08022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus