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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (6 November 2020)

2020-11-06

2020-11-06

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 06.11.2020Roman 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.

Ripple and Ethereum are forming the final legs of the upward triple zigzags. The cryptocurrency market should be rising up to the targets indicated. Next, the prices could turn down and start new downtrends.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The most recent section of the BTCUSD price chart displays the upward linking wave [X], which is composed of the sub-waves (W)-(X)-(Y). There is now forming the zigzag-shaped wave (Y), namely its final leg – impulse C. The first four legs of the C impulse have completed, and the market is now rising in wave [5]. The market should be rising to level 16700.00. An approximate trajectory of the Bitcoin future price movement.

Trading plan for [BTCUSD][1] today:

Buy 15831.50, TP 16700.00

Elliott wave Ripple analysis

The XRPUSD market is forming the corrective wave B as a part of the down zigzag of a higher degree. Wave B is unfolding as a triple zigzag. After the second linking wave [X], composed of the sub-waves (w)-(x)-(y)-(xx)-(z), finished, the initial part of the final wave [Z] has started. Wave [Z] should be a simple zigzag, so the market should be rising in impulse wave © to a level of 0.263, which is the previous high.

Trading plan for [XRPUSD][2] today:

Buy 0.249, TP 0.263

Elliott wave Ethereum analysis

The ETHUSD market is forming a downward zigzag, with corrective wave B forming inside as a double zigzag [W]-[X]-[Y]. The final leg of this pattern is a triple zigzag (w)-(x)-(y)-(xx)-(z). After the down linking wave (xx) finished as a triple zigzag of a smaller degree, the price has started rising in wave (z). The zigzag-shaped wave (z) should soon end at a level of around 437.00. Next, the new bear trend should start.

Trading plan for  [ETHUSD][3] today:

Buy 428.53, TP 437.00

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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-06112020&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-06112020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus