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

2020-12-16

2020-12-16

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.12.2020Roman 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 ETHUSD and BTCUSD should be rising in the near future, next, the prices will go down in the corrective sub-waves.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the bullish trend as a zigzag. Within this zigzag of a larger degree, there is forming the C impulse, namely its final leg, the sub-wave [5]. Wave [5] is an impulse, where the long corrective wave (4) has completed. The market is now rising in the sub- wave (5), which is half-complete. The market should be rising in the impulse wave 3 to a level of 19952.32, which is the previous high made by wave (3). Next, the market should go down a little in correction 4, and, then, the price will be rising in the final wave 5.

Trading plan for [BTCUSD][1] today:

Buy 19395.75 TP 19952.32

Elliott wave Ripple analysis

In the bullish impulse wave C, there is developing the down corrective wave [4] as a simple zigzag (a)-(b)-©. This correction is about to end, and so, the upward wave [5] should start forming soon. Therefore, the Ripple price should be rising. The first upside target is level 0.524. One could enter long trades in the current situation.

Trading plan for [XRPUSD][2] today:

Buy 0.447, TP 0.524

Elliott wave Ethereum analysis

Ethereum continues following the suggested scenario. The market is forming the final impulse wave [5] that is concluding the impulse C of a larger degree. After the two small sub-waves 1 and 2 completed, the market has started rising in impulse 3. There is likely to be forming the final leg of the impulse. Wave 3 should soon end at a level of around 604.72. Next, there should be forming the corrective wave 4, as it is outlined in the chart.

Trading plan for  [ETHUSD][3] today:

Buy 582.38, TP 604.72

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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-16122020&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-16122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus