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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (2 November 2020)

2020-11-02

2020-11-02

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 02.11.2020Roman 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.

All cryptocurrency pairs dealt with in the article are forming the final legs of the uptrends. Bitcoin is building the bullish impulse [5], Ethereum is forming the zigzag-shaped sub-wave (z), the Ripple is building the [Z] wave. Therefore, it is relevant to enter buy trades.

The article covers the following subjects:

Elliott wave Bitcoin analysis

Like in the previous trading week, the market is forming the final element of the linking wave [X], which is unfolding as a double zigzag, that is the market is developing the (Y) wave composed of the sub-waves A-B-C. Since the sideways wave B finished as a contracting triangle, the market has been rising in the impulse wave C. Four out of five legs in the C impulse have completed so far. The price should be rising in wave [5] of С to a level of 15200.00.

Trading plan for [BTCUSD][1] today:

Buy 13765.25, TP 15200.00

Elliott wave Ripple analysis

The XRPUSD market continues forming the bullish correction B as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four legs of the pattern have completed. The bearish linking wave [X] has recently completed as a triple combination. The price is now rising in the final wave [Z]. The Ripple price should be rising towards level 0.263 in the next few days. Therefore, it is relevant to buy.

Trading plan for [XRPUSD][2] today:

Buy 0.243, TP 0.263

Elliott wave Ethereum analysis

The ETHUSD market is also forming the upward corrective wave B as a double zigzag [W]-[X]-[Y]. There is now forming wave [Y] as a complex pattern. The [Y] is unfolding as a triple zigzag (w)-(x)-(y)-(xx)-(z). The downward linking wave (xx) may have completed recently. The price should now be rising in the final motive wave (z). The Ethereum price is meant to be rising a little higher than the previous high made by the (y) zigzag, level 423.00.

Trading plan for  [ETHUSD][3] today:

Buy 401.35, TP 423.00

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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-02112020&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-02112020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus