Forecast for BTCUSD, ETHUSD, BCHUSD, EOSUSD
Wave analysis of BTCUSD
The market continues moving in the long descending corrective wave B that is taking the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Currently, the final part of this construction, zigzag [Z], is forming. Waves (A) and (B) are likely to have been constructed within the zigzag; so, the price may start declining in the (C) impulse soon. Let’s study the layout in more detail in a shorter timeframe.
Just as it had been expected, the upward correction (B) was completed, followed by the price decline within the initial part of the new downtrend. Waves 1 and 2 have been complete. Impulse 3 has already started developing at the last section. Therefore, during the entire trading week the market may be moving down withing the bearish wave 3 of (C). In the current situation, it is relevant to consider short trades.
Wave analysis of ETHUSD
The market is moving within the long and smooth downtrend. After the bearish zigzag-shaped wave [Y] had been completed, the sideways correction [X] started. Currently, it looks complete, so the way downside in the new bearish wave [Z] is open for bears. Let’s study the layout in more detail in the 4-hour timeframe.
The chart presents a detailed layout of the last section. Wave [X] took the form of quite a well-proportionate upward zigzag. After it had been complete, there ware the first waves of the downtrend. Impulse 1 and its correction 2 are likely to have been constructed. Bearish impulse 3 has started developing in the last section. During this trading week, the market is expected to be declining, so short positions are relevant.
Wave analysis of BCHUSD
The chart above presents the daily timeframe. The long bearish zigzag [Y] had been developing; after that, the market started forming a long sideways corrective wave [X]. The corrective wave has been apparently complete, followed by an emerging new descending wave [Z]. Let’s study the market situation in more detail in the shorter timeframe.
The above chart presents the last section of the sideways correction [X] that took the form of an upward zigzag, with wave (C) in the form of the final diagonal. After the full completion of wave (C), a new downtrend started. Impulse 1 and its correction have been completed. At the last section, the market is is going down within the incipient part of bearish impulse 3. The price is highly likely to continue declining soon. Therefore, in the current situation, one might consider sell trades.
Wave analysis of EOSUSD
The EOSUSD market situation is similar to that of other cryptocurrencies. The market had been slowly, but steadily, moving downside. After that, the sideways correction [X] started. The new downward wave [Z] is likely to have started developing. Let’s study the chart layout in more detail in the 4H timeframe.
Wave [X] has taken the form of a regular, according to classical wave analysis, upward zigzag. After it had been complete, impulse wave 2 was developing, followed by the complete upward correction 2. The price is likely to have started moving down within impulse 3. If the assumption is correct, the market should continue declining in the next trading days. Therefore, short positions are relevant in the current situation.
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.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
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.