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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (October 16 2020)

2020-10-16

2020-10-16

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.10.2020Roman 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 should soon finish forming a corrective wave and continue rising in the fifth wave, as well as other major cryptocurrencies.

The article covers the following subjects:

Elliott wave Bitcoin analysis

There is forming the upward linking wave [X] as a double zigzag. Its final leg, wave (Y) hasn’t yet finished. It is composed of the sub-waves A-B-C. Wave A is an impulse, wave B is a simple zigzag, wave C is also an impulse. The first three legs must have finished within the C impulse, the price is now going down in the corrective wave [4]. It should soon complete, and the BTC price will be rising in wave [5] to a level of 11944, as it is outlined in the chart.

Trading plan for [BTCUSD][1] today:

Buy 11277.25, TP 11944.00

Elliott wave Ripple analysis

It is clear from the most recent section of the XRPUSD chart that the market is following the upward corrective wave, which is a simple zigzag [a]-[b]-[c]. Wave [c] is still developing as an impulse. A long sideways corrective wave (4) of this impulse is a double three with the linking wave x that is a zigzag. This pattern should have completed, so the Ripple price could be rising in wave (5) to a level of 0.266.

Trading plan for [XRPUSD][2] today:

Buy 0.240, TP 0.266

Elliott wave Ethereum analysis

The ETHUSD market continues forming the corrective wave B as a double zigzag. There is now developing wave [Y] as a zigzag (A)-(B)-©. The (A) impulse and the (B) correction have completed, and the impulse wave © is yet forming. The down corrective wave 4 must have ended, and the market will be rising in the final wave 5 to a level of 395.38.

Trading plan  [ETHUSD][3] today:

Buy 366.05, TP 395.38

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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-16102020&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-16102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus