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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (16 November 2020)

2020-11-16

2020-11-16

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.11.2020Roman 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 Bitcoin market could go down a little in the corrective wave (4); next, the price should rise in impulse (5).

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market continues developing the bullish linking wave [X] as a double zigzag. In the two-hour timeframe, the final leg of the upward wave (Y) is forming as a simple zigzag A-B-C; that is, the impulse wave C is developing. Four elements out of five have completed within wave C. There is likely to be forming the final leg of the bearish correction (4), so the Bitcoin price should soon be rising in wave (5) towards level 16700.00.

Trading plan for [BTCUSD][1] today:

Buy 15976.75, TP 16700.00

Elliott wave Ripple analysis

The XRPUSD market is forming the upward corrective wave (B) as a simple zigzag A-B-C. Wave A is a leading diagonal, as wave [4] exceeded wave [1]. The down corrective wave B is a triple zigzag. At the beginning of November, the Ripple market started forming the bullish impulse wave C that is composed of the sub-waves [1]-[2]-[3]-[4]-[5]. Shortly, the price should be rising in the sub-wave (5) to a level of 0.280. The corrective wave (B) reaches 61.8% Fibonacci of the (A) impulse at this level.

Trading plan for [XRPUSD][2] today:

Buy 0.270, TP 0.280

Elliott wave Ethereum analysis

The ETHUSD market, like the BTCUSD, is forming the bullish impulse wave C that is composed of five sub-waves. The first four sub-waves have completed, and the market is rising in wave [5]. The down correction (4) must have completed as a simple zigzag. There is now forming the initial element of the final wave (5). Therefore, the market should be rising to a level of 507.00.

Trading plan for  [ETHUSD][3] today:

Buy 448.69, TP 507.00

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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-16112020&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-16112020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus