Wave analysis of BTCUSD

The market continues gradually moving down, forming the descending corrective wave B that is taking the form of a triple zigzag зигзага [W]-[X]-[Y]-[X]-[Z]. At its last section, the final downward zigzag [Z] is forming that is roughly half complete. Let us see the layout of the last section in more detail to clarify the assumption.

The market has finished developing the ascending corrective wave (B), which has taken the form of a plain bullish zigzag. It is followed by the impulse wave 1 and the corrective wave 2 that has taken the shape of zigzag. Wave 2 is likely to have been fully complete, so a decline within the impulse 3 is likely to have started at the last section. If the assumption is correct, the market is likely to be moving down within this trading week. That is why, one might consider sell positions.

Wave analysis of ETHUSD

The market continues slowly but steadily moving down within the final part of the triple zigzag. Over the past months, there has been constructed a long sideways corrective link-wave [X]; following its completion, the market continued going down within the descending zigzag [Z]. Let’s see the inside structure of the last section in a shorter timeframe.

The figure presents the upward corrective linking wave [X], being a zigzag. Following its completion, the price was going down within the bearish wave 1 and an upward correction 2. After full completion of the wave 2, the market went on moving down within impulse 3. Therefore, the price is likely to be going down during this trading week, and so, short positions are relevant.

Wave analysis of BCHUSD

The chart presents the layout of the last section in the daily timeframe. The downward zigzag [Y] is obviously complete, followed by a long corrective linking wave [X]. The [X] correction apparently took the form of a plain upward zigzag, whose completion was followed by the market going down within the bearish wave [Z]. Let’s see the inside structure of the last section in more detail.

After the corrective linking wave [X] had been fully complete, the market started moving down. It is assumed that that the downward impulse 1 and the upward zigzag-shaped correction 2 have been fully complete. At the last section, the market continued moving down. The bearish impulse 3 is likely to be forming. Therefore, in the next trading days, the market is likely to be descending within the bearish impulse. Long positions are not recommended in the current market situation.

Wave analysis of EOSUSD

After the completion of the global upward impulse A in April, 2018, the downward corrective wave started; it is still forming. Wave B has taken the form of a triple zigzag, whose final part is forming inside. After the full completion of the upward corrective wave [X], the market started declining within wave [Z]. Let us see the structure of the last section in more detail in the H4 timeframe to make the assumption more accurate.

The upward corrective wave [X] link has taken the form of a plain zigzag-shaped wave (A)-(B)-(C); its completion is followed by the start of a new downtrend. Waves 1 and 2 are likely to have been complete; after which the impulse 3 has started, that is roughly outlined in the chart by a grey line, sloped down. Therefore, the price is expected to be going down; therefore short positions are relevant in the current situation.

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Wave analysis of major cryptocurrencies for 11/03/2019

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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