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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (October 5 2020)

2020-10-05

2020-10-05

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 05.10.2020Roman 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 cryptocurrency.

All cryptocurrency pairs analyzed in the article are forming the corrective sub-waves. The Bitcoin price is to be rising in the impulse wave C to a level of 11315, as the impulse is half-complete as of now.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the upward linking wave [X] as a double zigzag (W)-(X)-(Y). The sub-waves (W) and (X) have completed, the (Y) wave is yet unfolding, it is about to end soon. The impulse wave A and the B correction have completed. The price should be rising in the impulse wave C towards a level of 11315. One could enter long positions with a target to take profit at the end of the entire linking wave [X].

Trading plan for [BTCUSD][1] today:

Buy 10669.87, TP 11315.00

Elliott wave Ripple analysis

The XRPUSD market is forming the simple down zigzag A-B-C. The impulse wave composed of five sub-waves [1]-[2]-[3]-[4]-[5] has completed. There is now developing the bullish correction B as a zigzag [a]-[b]-[c]. After the down correction [b] finished, the price has started rising in the final impulse [c]. The [c] impulse should conclude the pattern at a level of around 0.254.

Trading plan for [XRPUSD][2] today:

Buy 0.248, TP 0.254

Elliott wave Ethereum analysis

The ETHUSD market is forming a corrective wave [2] that is an element of the new downtrend unfolding as an impulse. Correction [2] is likely to complete as a standard zigzag (a)-(b)-©. The market is now forming the final leg of this zigzag, the © impulse. Therefore, the price should be rising in the indicated impulse to a level of 370.00. Next, the price could turn down and start declining.

Trading plan  [ETHUSD][3] today:

Buy 350.94, TP 370.00

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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-05102020&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-05102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus