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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (October 8 2020)

2020-10-08

2020-10-08

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 08.10.2020Roman 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.

Bitcoin and Ethereum are now at the beginning of the bullish impulse waves. Therefore, prices should be rising. I recommend entering purchases under the current conditions.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the upward linking wave [X] as a double zigzag, with wave (Y) developing inside. The (Y) wave is also a double zigzag W-X-Y. The sub-waves W and X have completed, and there is forming the final motive wave Y as a zigzag [a]-[b]-[c]. The bear corrective wave [b] seems to have completed, and the price is now rising. The market should be running up in the [c] impulse to a level of 11315.

Trading plan for [BTCUSD][1] today:

Buy 10639.75, TP 11315.00

Elliott wave Ripple analysis

At the most recent section of the XRPUSD chart, there is forming the upward corrective wave B. The B wave is a zigzag composed of three major sub-waves [a]-[b]-[c]. Wave [a] is a simple impulse, wave [b] is a correction, developed as zigzag (a)-(b)-©. Wave [c] is still unfolding as an impulse composed of five sub-waves (1)-(2)-(3)-(4)-(5). The first four parts of this impulse have completed. The market should be rising in the final wave (5) to a level of 0.266.

Trading plan for [XRPUSD][2] today:

Buy 0.246, TP 0.266

Elliott wave Ethereum analysis

The market is now forming the initial part of the down impulse wave. The first sub-wave of the downtrend, wave [1], has finished as an impulse. There is now forming the corrective wave [2] as a zigzag. Wave (A) is a bullish impulse with the corrective wave 4, formed as a skewed expanding triangle. Wave (B) is a simple zigzag a-b-c. The ETHUSD market should be rising in the final wave © towards the level of 374.61.

Trading plan  [ETHUSD][3] today:

Buy 339.25, 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-08102020&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-08102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus