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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (23 November 2020)

2020-11-23

2020-11-23

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 23.11.2020Roman 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 three cryptocurrency pairs are forming bullish double zigzags, with final legs forming inside. Let us explore the structure of each cryptocurrency chart in detail.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The current BTCUSD structure displays the linking upward wave [X] developing as a double combination composed of three sub-waves (W)-(X)-(Y). The two-hour timeframe displays the final leg in the last wave (Y), which is a simple zigzag A-B-C. After the triangle correction B finished, there has started forming the bullish impulse C, composed of the sub-waves [1]-[2]-[3]-[4]-[5]. The price should be declining in the zigzag-shaped corrective wave [4] towards the level of 17590.00, as it is outlined in the chart. Next, the market could resume rising in wave [5] towards a level of 20000.00.

Trading plan for [BTCUSD][1] today:

Buy 18262.12, TP 20000.00

Elliott wave Ripple analysis

The two-hour timeframe of the XRPUSD price chart displays the upward linking wave [X], which is unfolding as a double zigzag (W)-(X)-(Y). There is currently forming the final bullish wave (Y) composed of the sub-waves A-B-C. Wave A is a leading diagonal, correction B is a triple zigzag, wave C is an impulse currently unfolding. The price should shortly decline a little in correction [4]. When wave [4] finishes, the market will resume growing in the final wave [5] towards a level of 0.540.

Trading plan for [XRPUSD][2] today:

Buy 0.446, TP 0.540

Elliott wave Ethereum analysis

The ETHUSD market is also forming the upward double zigzag, with the final sub-wave (Y) developing inside. The (Y) wave is unfolding as a zigzag A-B-C. There is forming wave C as a bullish five-wave impulse. The first four legs of this impulse have completed, and there is forming the final impulse wave (5) within the wave [5]. An approximate trajectory of the Ethereum future price movement is outlined in the chart. The uptrend should conclude at a level of about 618.00. At this level, the C impulse will be 76.4% of wave A.

Trading plan for  [ETHUSD][3] today:

Buy 559.09, TP 618.00

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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-23112020&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-23112020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus