Wave analysis of BTCUSD

The market continues forming the long, smooth downtrend B that is taking the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Currently, within the trend, the final zigzag [Z] is forming; which consists of three parts: (A), (B) and (C). Let’s study the last section in more detail in the BTCUSD H4 chart.

Exactly corresponding to the previous forecast, the market finished developing the upward corrective (B) wave that took a form of a pain bullish zigzag: A-B-C. After the C wave had completely finished at level 4192, the market started going down, forming a new descending impulse. The price is highly likely to continue descending during the coming trading week. However, don’t forget that the downward movement is to be regularly suspended during the development of short upward or sideways corrections. In the current situation, it is relevant to look for sell entries at the end of the local corrections.

Wave analysis of ETHUSD

The figure presents the daily ETHUSD price chart. The market has been slowly going down within the final part of the descending triple zigzag for a long time. Currently, there is developing the sideways corrective [X] link that consists of three parts: (A), (B) and (C). The wave [X] has supposedly finished developing and the price continues going down inside the [Z] wave. Let’s analyze the situation in more detail.

Exactly meeting the previous forecast, the market finished developing the upward impulse (С) wave last week. A detailed markup of this wave is presented in the chart. It was immediately followed by quite a sharp price drop within the new descending impulse wave. A short upward correction may develop in the near future; after that the ETHUSD should continue declining as it is marked in the chart. Therefore, the main ETHUSD scenario for the coming weeks is descending.

Wave analysis of BCHUSD

The market continues moving in the long downtrend. At its last section, a large sideways corrective [X] is developing. After it is complete, the BCHUSD should continue moving within the final downward zigzag [Z]. Let’s study the market situation in more detail in the shorter timeframe.

Last week, wave (С) of [X] was complete. It took the form of quite a well-proportionate final diagonal wave. It was followed by the first descending impulse. A short upward correction to the bearish impulse may develop in the near future; after that, the market should continue moving down. Thus, the main trading scenario of the coming weeks is descending. I recommend looking for sell entries.

Wave analysis of EOSUSD

The market continues moving within the downward corrective wave B, a triple zigzag that was developing during the entire last year. Last week the corrective [X] wave was completely finished in the form of a zigzag. It was followed by the price decline, exactly meeting the previous forecast. Let’s study the price chart in more detail.

Wave [X] has taken the form of a complete, proportionate upward zigzag. The final point of the wave was quite accurately predicted. It was followed by the incipient part of the new downtrend. The price should be going down in the downtrend over the next trading week. However, don’t forget about the local upward corrections. In the current situation, sell positions are recommended.

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Wave analysis of major cryptocurrencies for 25/02/2019

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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