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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (7 December 2020)

2020-12-07

2020-12-07

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 07.12.2020Roman 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 cryptocurrency market is trading flat. Let us explore the chart of each cryptocurrency pair in more detail.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the final wave of the global bullish zigzag, the C wave that the unfolding as a simple five-wave impulse. The first four legs, the sub-waves [1]-[2]-[3]-[4] have finished within the C wave. There is developing the impulse wave [5]. The flat correction (4) must be developing as a contracting triangle. Wave d should soon finish, and the market could be declining in wave e to a level of 18863.98. The target is at the support line drawn across the peaks of waves a and c.

Trading plan for [BTCUSD][1] today:

Sell 19240.62. TP 18863.98

Elliott wave Ripple analysis

The XRPUSD market is growing in the upward impulse wave C that could conclude the large zigzag (Y). After the powerful impulse wave [3] finished, the market has been following the sideways correction [4] that is unfolding as a triangle. The zigzag-shaped sub-wave (D) should end soon. Next, the price could be declining in the final wave (e) to a level of 0.568, a support level. One could enter sell trades in the current situation.

Trading plan for [XRPUSD][2] today:

Sell 0.607, TP 0.568

Elliott wave Ethereum analysis

The ETHUSD market is forming the upward wave (Y) as a zigzag. The final wave C of the (Y) zigzag is forming as an impulse. The first four legs have completed within the C impulse, and the final wave [5] is still forming. There should be developing the sideways corrective wave (4). Wave (4) has a complex structure and is unfolding as a triple three w-x-y-xx-z. After a short rise, the market will conclude the linking wave xx. Next, the price will be declining to a level of 562.20. It is relevant to enter sell positions in the current situation.

Trading plan for  [ETHUSD][3] today:

Sell 591.44, TP 562.20

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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-07122020&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-07122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus