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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (21 October 2020)

2020-10-21

2020-10-21

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 21.10.2020Roman 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.

Ripple and Ethereum form the final parts of the ending diagonals. Price increases are expected in the near future.

The article covers the following subjects:

Elliott wave Bitcoin analysis

We see the development of the middle part of the global double zigzag, in other words, an upward linking wave [X] is being built. The structure of wave [X] also shows a double zigzag (W)-(X)-(Y), where the last part, the subwave (Y), is developing. Wave (Y) consists of three sub-waves A-B-C. Wave A in the form of an impulse and a correction B in the form of a zigzag have already formed, and an impulse wave C is developing. The price growth in the indicated wave could continue to the high reached previously by wave A, that is, to the level of 12490.56.

Trading plan for [BTCUSD][1] today:

Buy 12200.00, TP 12490.56

Elliott wave Ripple analysis

We see the construction of a corrective wave B, taking the shape of a zigzag [a]-[b]-[c]. Wave [a] is a simple impulse, correction [b] is a simple zigzag. Wave [c] is also an impulse, the final part of which takes the form of an ending diagonal, that is, sub-wave (5). In the near future, the price could rise in wave 5 to the level of 0.260. At this level, the entire correction B would be 38.2% of the bearish impulse wave A.

Trading plan for [XRPUSD][2] today:

Buy 0.246, TP 0.260

Elliott wave Ethereum analysis

An upward corrective wave B is developing, it takes the form of a double zigzag [W]-[X]-[Y]. As part of this pattern, the first two parts have been fully completed and now the third part, subwave [Y], is developing. This wave is a simple bullish zigzag (A)-(B)-©. As part of an impulse wave ©, which is developing right now, wave 5 is formed, which takes the form of an ending diagonal. As the four parts of the ending diagonal seem to be complete, in the near future there will be an increase in wave [5] of 5 to the previous high - 394.20.

Trading plan  [ETHUSD][3] today:

Buy 376.77, 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-21102020&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-21102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus