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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (September 23 2020)

2020-09-23

2020-09-23

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 23.09.2020Roman Onegin

I welcome my readers!

I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I suggest entry signals to trade each

Bitcoin and Ethereum are forming the beginning of the new down zigzag. Therefore, the pieces should be declining in the next few weeks. One could consider entering short trades for both cryptocurrencies.

The article covers the following subjects:

Elliott wave Bitcoin analysis

Bitcoin continues declining in the down corrective wave B that is unfolding as a double zigzag [W]-[X]-[Y]. The sub-waves (W) and (X) have completed, and the final wave [Y] has recently started. It could complete as a simple zigzag (A)-(B)-©. The five-wave impulse (A) should complete as a level of around 9500. Next, after a short rise in the (B) correction, the market will resume declining in the © impulse towards a level of 8000, as it is outlined in the chart.

Trading plan for [BTCUSD][1] today:

Sell 10511.00, TP 9500.00

Elliott wave Ripple analysis

XRPUSD continues moving down in the large double zigzag. There have completed the zigzag-shaped wave (W) and the linking wave (X), which is a triple zigzag. The market is now declining in the impulse wave A that is marked by five sub-waves [1]-[2]-[3]-[4]-[5]. Most likely, a short correction [4] will soon complete. Next, the market will follow wave [5] towards a level of 0.209. At this level, the trend should reverse and there will start the corrective wave B.

Trading plan for [XRPUSD][2] today

Sell 0.232, TP 0.209

Elliott wave Ethereum analysis

The ETHUSD market is forming the down zigzag A-B-C, where the first two legs have completed. They are the A impulse and the B correction, which is a triple zigzag. There is now forming the bearish impulse. Two small sub-waves [1] and [2] have completed, and the strong impulse wave [3] is about to finish soon. The Ethereum price should be running down below the level of 307.00, which is the previous low made by the A impulse.

Trading plan [ETHUSD][3] today

Sell 342.52, TP 307.00

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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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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=XRPUSD
  3. my.liteforex.com/trading/chart?symbol=ETHUSD
  4. my.liteforex.com/?category=analysts-opinions&slug=short-term-forecast-for-BTCusd-xrpusd-and-ethusd-23092020&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  5. my.liteforex.com/deposit/?category=analysts-opinions&slug=short-term-forecast-for-BTCusd-xrpusd-and-ethusd-23092020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus