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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (October 7 2020)

2020-10-07

2020-10-07

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 07.10.2020Roman 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.

The BTCUSD market is forming the final leg of the double zigzag W-X-Y. The price could be rising in the impulse wave [c], which has just started developing. I recommend entering purchases.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The two-hour BTCUSD price chart displays the final section of the bullish impulse wave A. After the A finished, there has started the down corrective wave B. It is likely to complete as a double zigzag, composed of the sub-waves [W]-[X]-[Y]. There is now developing the linking wave [X] as a double zigzag. At the time of writing, there have completed the sub-waves (W) and (X), and the (Y) wave, composed of the sub-waves W-X-Y, is yet unfolding. The price should be rising in the final impulse wave [c] of Y to a level of 11315.

Trading plan for [BTCUSD][1] today:

Buy 10591.25, TP 11315.00

Elliott wave Ripple analysis

The XRPUSD market is forming the down zigzag A-B-C. After the down impulse A completed, the market has started rising in the corrective wave B. It is unfolding as a simple zigzag[a]-[b]-[c], where the [a] impulse and the [b] correction have finished. The [c] wave is developing as an impulse composed of five sub-waves (1)-(2)-(3)-(4)-(5). The Ripple price should be rising in the final wave (5) towards a level of 0.266. One could enter purchases in the current situation.

Trading plan for [XRPUSD][2] today:

Buy 0.242, TP 0.266

Elliott wave Ethereum analysis

The ETHUSD market is forming the simple zigzag A-B-C. The first two parts of this zigzag look complete, the impulse wave A and the B correction that has completed as a triple zigzag. There is now forming the beginning of the C impulse. The impulse wave [2] has finished. Next, the price has started rising in the corrective wave [2]. Correction [2] is a simple zigzag (A)-(B)-©. The impulse c of (B) should finish soon, and the price will resume growing in the impulse wave © to a level of 374.61.

Trading plan  [ETHUSD][3] today:

Buy 335.48, TP 374.61

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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-07102020&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-07102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus