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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (8 December 2020)

2020-12-08

2020-12-08

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 08.12.2020Roman 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 XRPUSD market is now forming quite a large triangle. The triangle should finish soon. Next, the market will start rising in the new impulse wave.

The article covers the following subjects:

Elliott wave Bitcoin analysis

There continues forming the bullish impulse C that is composed of five major sub-waves [1]-[2]-[3]-[4]-[5]. The price rose in the impulse wave [3]. Next, after a short decline in correction [4], the market has resumed rising in the final sub-wave [5]. Wave [5] is also an impulse. The flat correction (4) should soon end as a triangle. It should complete at a level of around 18863.98, which is a support level.

Trading plan for [BTCUSD][1] today:

Sell 19161.75 TP 18863.98

Elliott wave Ripple analysis

In the most recent chart section, there is forming the bullish impulse of a larger degree, with the horizontal corrective wave [4] unfolding as a contracting triangle inside. This triangle is about to end soon. The price may continue declining to a level of 0.561, which is the support. Next, the currency pair should reverse and start rising in wave [5].

Trading plan for [XRPUSD][2] today:

Sell 0.603, TP 0.561

Elliott wave Ethereum analysis

The ETHUSD market is forming a similar pattern to that of other cryptocurrency markets. There is now forming a large upward impulse C, with the final wave [5] developing as an impulse inside. There is likely to be forming the down corrective wave (4), which has a complex structure. It is a triple zigzag w-x-y-xx-z. Most likely, this formation will end at a level of around 562.20. Next, the price will be rising in wave (5) as it is outlined in the chart.

Trading plan for  [ETHUSD][3] today:

Sell 586.79, 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-08122020&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-08122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus