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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (23 October 2020)

2020-10-23

2020-10-23

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 23.10.2020Roman 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 may soon complete upward corrections and we may see new bearish trends develop soon. Continue watching the market.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The market is forming an upward impulse wave C which is a final one in a large bullish zigzag. Wave C consists of five sub-waves [1]-[2]-[3]-[4]-[5]. Most likely, an impulse wave [3] is developing, its corrective wave (4) to be precise. Its completion is expected in the near future, then the growth will continue in wave (5) to the level of 13383.37. At this level, impulse [3] will be 161.8% of impulse [1]. An approximate future movement is shown on the chart.

Trading plan for [BTCUSD][1] today:

Buy 12981.50, TP 13383.37

Elliott wave Ripple analysis

The market is moving in the corrective wave B, which takes the form of a triple zigzag. Apparently, a bullish wave [Z] is developing now, it is the final wave in the indicated structure. Wave [Z] will most likely be a simple zigzag and will soon complete its pattern, as its first two parts are already fully completed, and wave © will soon be completed. In the near future, there will probably be an increase to the level of 0.273, then the market will reverse and the price will decline in a new trend.

Trading plan for [XRPUSD][2] today:

Buy 0.257, TP 0.273

Elliott wave Ethereum analysis

ETHUSD continues developing an upward double zigzag. The bullish wave [Y], consisting of sub-waves (A)-(B)-©, is currently developing. After the impulse wave (A) and corrective wave (B) were completed, the growth began in the impulse wave ©. Not so long ago, a bearish correction 4, which is a double zigzag, was completed, then the final impulse 5 began developing. It is possible that in the coming days the price will rise to the level of 430.00, then there will be a market reversal and the beginning of a new downtrend.

Trading plan  [ETHUSD][3] today:

Buy 414.10, 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-23102020&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-23102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus