Logo

Posts

Elliott wave cryptocurrency analysis for the week February 15

2021-02-15

2021-02-15

Medium-term forecast for five cryptocurrencies as of 15.02.2021Roman 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.

Major cryptocurrency pairs, including Bitcoin and Ethereum, are likely to continue rising this week after the short bearish corrections finish.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming an uptrend. There is forming a large impulse composed of the sub-waves 1-2-3-4-5. The first four sub-waves of this impulse have completed, and there is unfolding sub-wave 5. Wave 5 is also an impulse, which is about to end soon. Let us see the structure of wave 5 in more detail in the eight-hour timeframe.

Within the impulse wave 5, there is unfolding the final leg, the bullish wave [5], as a simple five-wave impulse (1)-(2)-(3)-(4)-(5). There is developing the final motive wave (5), where four sub-waves out of five have completed. The price should decline slightly in the zigzag-shaped correction [4], which is an element of wave 5. Next, the Bitcoin price should start rising in impulse [5] to a level of 54300.00, as it is outlined in the chart.

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

Sell 47286.50, TP 43110.00

Elliott wave Ethereum analysis

Like in the previous trading weeks, the ETHUSD is forming a large trend. There is developing the global simple zigzag, composed of the sub-waves A-B-C. Wave A is a simple five-wave impulse, and wave B is a correction, ended as a triple zigzag, wave C is also an impulse, which is still developing. The price is currently rising in the final wave [5], composed of the sub-waves (1)-(2)-(3)-(4)-(5). Let us explore the chart in more detail in the eight-hour timeframe.

The upward impulse wave [5] is about to end soon. Its first four parts have completed. There is now developing the final impulse wave (5). There have finished forming the triangle pattern in correction 4; next, the price has resumed rising in wave 5. There should be a short decline soon in the corrective wave [4] to a level of 1570.67. Afterward, the market should resume growing in wave [5] to a level of 1930.00, as it is outlined in the chart.

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

Sell 1759.62, TP 1570.67

Elliott wave Litecoin analysis

Litecoin continues to form a large upward simple zigzag, composed of the three major sub-waves A-B-C. In March 2020, the market finished the deep corrective wave B as a downward triple zigzag. Next, the price turned up and started rising in the impulse. There have completed corrective waves [2] and [4], and the motive [1] and [3]. Let us study the most recent chart section in more detail in the H8 hour timeframe.

After the bearish correction [4] finished as a double zigzag (w)-(x)-(y), the price has started rising sharply in the new impulse wave. The first small sub-waves (1) and (2) must have ended, and the impulse wave (3) should soon end at a level of around 252.00. This is the high made by the upward linking wave [X]. (This wave is visible in the daily timeframe). One could enter purchases in the current situation.

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

Buy 204.47, TP 252.00

Elliott wave EOS analysis

The EOSUSD is forming the global corrective wave B as a downward zigzag [W]-[X]-[Y]-[X]-[Z]. The first three legs of this zigzag have completed. The market is forming the second linking wave [X] as an upward double zigzag (W)-(X)-(Y), which could end soon. The expected target where wave [X] should end is level 5.83. At this level, wave [X] will reach 61.8% Fibonacci level of wave [Y]. Let us see the structure of the most recent chart section in the H8 timeframe.

There is developing the double upward zigzag (W)-(X)-(Y), with the bullish wave (Y) unfolding inside. The (Y) wave is a simple zigzag A-B-C, where impulse A and the correction B have completed. Impulse wave C is still unfolding. The market may have completed the bearish correction [4], so the price should be rising in the final wave [5] to a level of 5.83. One could enter buy positions in the current situation.

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

Buy 4.69, TP 5.83

Elliott wave Ripple analysis

The XRPUSD market continues forming a corrective pattern, composed of three sub-waves A-B-C. The daily chart displays the final section of the bullish impulse A and the bearish corrective wave B, which is still developing. The B correction is unfolding as a triple zigzag. There is forming the initial element of the final sub-wave [Z]. Let us see its structure in the eight-hour timeframe.

The [Z] wave is likely to end as a double zigzag (W)-(X)-(Y). The first two legs, the sub-waves (W) and (X), have completed, and the final motive wave (Y) is still forming. The (Y) could end up as a complex structure of a double zigzag W-X-Y. Over the next few weeks, there should be developing the upward corrective wave [B], which is an element of the W wave. The [B] wave could end at a level of around 0.670.

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

Buy 0.564, TP 0.670

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-15022021&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-15022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus