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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (22 October 2020)

2020-10-22

2020-10-22

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 22.10.2020Roman 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 is forming a large zigzag, inside which a contracting triangle has been completed, and the price is now rising in a bullish impulse C. The approximate pattern of future movement is shown on the chart.

The article covers the following subjects:

Elliott wave Bitcoin analysis

As part of a bullish linking wave [X] which takes the form of a double zigzag (W)-(X)-(Y), the final zigzag (Y), consisting of sub-waves A-B-C, is developing. Corrective wave B is a flat pattern, a contracting triangle [A]-[B]-[C]-[D]-[E]. An upward impulse wave C is developing now. Most likely, the first two parts of this impulse are completed, and at the moment wave [3] is forming. It will probably be completed close to the level of 13383.37 - at this level, impulse wave [3] will be 161.8% of impulse [1]. Then, after a slight decline in the corrective wave [4], the final wave [5] will rise to the level of 15200.00.

Trading plan for [BTCUSD][1] today:

Buy 12924.75, TP 13383.37

Elliott wave Ripple analysis

On XRPUSD chart, we see a corrective wave B developing, it is a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts of this pattern have already been completed. Currently, an actionary wave [Z] is being formed, which may take the form of a simple zigzag (a)-(b)-©. Perhaps the impulse wave (a) and the correction (b) have already been built, and now the price is rising in impulse ©. In the near future, the cryptocurrency pair is expected to rise to the level of 0.273.

Trading plan for [XRPUSD][2] today:

Buy 0.253, TP 0.273

Elliott wave Ethereum analysis

Corrective wave B is developing, it takes the form of a double zigzag [W]-[X]-[Y]. The final wave [Y] is in developing in the form of a zigzag (A)-(B)-©. We see that impulse (A) and zigzag correction (B) have fully completed their patterns, while impulse wave © is still developing. Correction 4, which is a double zigzag, has recently been completed, and then the market began to rise in wave 5. The price may rise to 430.00 in the indicated wave.

Trading plan  [ETHUSD][3] today:

Buy 395.59, TP 430.00

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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-22102020&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-22102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus