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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (3 November 2020)

2020-11-03

2020-11-03

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 03.11.2020Roman 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.

The XRPUSD market has started forming the initial part of the upward wave [Z], which is likely to complete as a triple zigzag. It’s approximate structure is outlined in the chart.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The most recent section of the chart displays the upward impulse wave C that started in late September 2020. The C wave is an element of the linking wave [X]. The corrective wave [4] must have completed as a double zigzag (w)-(x)-(y). Therefore, the price should be rising in the final wave [5] towards level 15200.00. Next, when the entire upward linking wave [X] completes, the Bitcoin price could turn down and start forming a new downtrend.

Trading plan for [BTCUSD][1] today:

Buy 13627.00, TP 15200.00

Elliott wave Ripple analysis

The Ripple market continues forming the corrective wave B that is a triple zigzag. In late October, the market has completed the linking down wave [X] that is composed of the sub-waves (w)-(x)-(y)-(xx)-(z). The market is now developing the beginning of the upward wave [Z] that is likely to end as a triple zigzag. An approximate trajectory of the Ripple future price movement is outlined in the chart. The assumed pattern should end at level 0.263, which is the previous high.

Trading plan for [XRPUSD][2] today:

Buy 0.234, TP 0.263

Elliott wave Ethereum analysis

The ETHUSD market is forming the [Y] wave, which is the final element of the corrective wave B that is a triple zigzag. Wave [Y] is unfolding as a triple zigzag where the sub-waves (w)-(x)-(y)-(xx) have completed. There is now forming the final wave (z), which could complete as a simple zigzag a-b-c. The price should be rising in the bullish impulse wave c to a level of 423.00, where the entire corrective wave B is to finish. Next, the Ethereum price could start declining in a new downtrend.

Trading plan for  [ETHUSD][3] today:

Buy 384.19, TP 423.00

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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-02112020-2020-11-03&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-02112020-2020-11-03&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus