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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (20 October 2020)

2020-10-20

2020-10-20

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 20.10.2020Roman 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.

At the moment, all the major cryptocurrency pairs continue developing in the final fifth wave. Thus, I recommend looking for longs.

The article covers the following subjects:

Elliott wave Bitcoin analysis

As part of the upward double zigzag, which is currently developing, we saw the completion of sub-waves (W) and (X) and now the final wave (Y) is forming. Wave (Y) consists of three major sub-waves A-B-C, where impulse wave A and corrective wave B have been fully completed, and impulse wave C is still developing. Since the first four parts of impulse C seem to be complete, in the near future wave [5] could rise to the level of 12062.00.

Trading plan for [BTCUSD][1] today:

Buy 11740.75, TP 12062.00

Elliott wave Ripple analysis

On the H2 timeframe, we see a downtrend developing. Ripple is forming a bearish zigzag A-B-C. Now the bullish correction B is in the development stage. It takes the form of a regular zigzag [a]-[b]-[c]. In the last section of the chart, we see the structure of the final impulse wave [c] which consists of five sub-waves (1)-(2)-(3)-(4)-(5). After the downward corrective wave (4), a double zigzag, had been completed, we saw wave (5) rising. Its completion is expected at the level of 0.260.

Trading plan for [XRPUSD][2] today:

Buy 0.247, TP 0.260

Elliott wave Ethereum analysis

On ETHUSD, an upward corrective wave B is developing, it takes the form of a double zigzag consisting of sub-waves [W]-[X]-[Y]. After the completion of the first two parts, a smooth rise in wave [Y] began. Wave [Y] takes the form of a simple zigzag (A)-(B)-©. In the short term, the market is expected to rise in the final impulse wave 5 of © to the level of 394.20, that is, to the previous high.

Trading plan  [ETHUSD][3] today:

Buy 377.79, TP 394.20

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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-20102020&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-20102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus