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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (29 October 2020)

2020-10-29

2020-10-29

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 29.10.2020Roman 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.

After a slight decline in the market of BTCUSD in the corrective wave [4], prices are expected to continue to rise.

The article covers the following subjects:

Elliott wave Bitcoin analysis

Bitcoin continues to move according to the scenario I predicted. The upward impulse wave C is developing, it consists of five sub-waves [1]-[2]-[3]-[4]-[5]. Most likely, the first three parts of this pattern are fully completed, and now the market is forming a downward correction [4] which may be a small simple zigzag (a)-(b)-©, as shown in the chart. After this correction is completed, the market will continue to rise in wave [5] towards the level of 15200.00.

Trading plan for [BTCUSD][1] today:

Buy 13237.00, TP 15200.00

Elliott wave Ripple analysis

The triple zigzag [W]-[X]-[Y]-[X]-[Z] is developing, it forms an upward corrective wave B. The actionary sub-waves [W] and [Y] and two linking waves [X] and [X] have already been fully completed. At the moment, wave [Z] is developing, it takes the form of a double zigzag (w)-(x)-(y). The linking wave (x) is presumably a triple zigzag and is already close to its end. The market may reverse soon and after that, the final wave (y) may rise to the level of 0.273 as shown in the chart.

Trading plan for [XRPUSD][2] today:

Buy 0.245, TP 0.273

Elliott wave Ethereum analysis

Same as with XRPUSD, here a bullish corrective trend is developing. Correction B takes the form of a double zigzag [W]-[X]-[Y]. Wave [Y] in this pattern is longer than the first two sub-waves but also has a simple zigzag-like shape. As part of the impulse wave ©, which is developing, the corrective wave [4] came to an end, it took the form of a bearish triple zigzag. In the near future, I expect the price to rise in wave [5] to the level of 443.00.

Trading plan for  [ETHUSD][3] today:

Buy 390.34, TP 443.00

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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-29102020&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-29102020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus