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

2020-12-23

2020-12-23

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 23.12.2020Roman 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.

Apparently, Ripple is not forming a triangle, as was supposed earlier, but a triple zigzag.

The article covers the following subjects:

Elliott wave Bitcoin analysis

In the last section of the chart, a bullish impulse wave is forming. Sub-waves 1 and 2 were formed, then the price began to rise in impulse 3. At the moment, sub-waves [1]-[2]-[3]-[4] have been fully completed, and wave [5] is still forming. In the coming days, the market will rise in sub-waves 3-4-5 of a smaller degree, as shown in the chart. The end of the bullish impulse is expected around the 26000.00 level. Consider opening longs.

Trading plan for [BTCUSD][1] today:

Buy 23745.50 TP 26000.00

Elliott wave Ripple analysis

As the market continued to go down, the previous analysis has lost its relevance. Most likely, corrective wave [4] takes the form of a bearish triple zigzag (W)-(X)-(Y)-(XX)-(Z), the first four parts of which have already been completed, and the last subwave (Z) is forming… Wave (Z) takes the shape of a standard a-b-c zigzag. Now the price is going down in impulse c, while the impulse itself is close to being completed. Perhaps the price will reach the level of 0.338, after which the market will reverse and begin to form a new upward trend.

Trading plan for [XRPUSD][2] today:

Sell 0.399, TP 0.338

Elliott wave Ethereum analysis

Ethereum continues to form a bullish wave 5 which will complete a large impulse (3). Wave 5 is an impulse consisting of sub-waves [1]-[2]-[3]-[4]-[5]. Most likely, the corrective wave [4] has recently been completed, it took the form of a bearish double zigzag (w)-(x)-(y). After that, the price reversed and started going up in the initial part of wave [5]. A price increase is expected in the near future. The first target for opening trades is the level of 677.00, that is, the previous high formed by wave [3].

Trading plan for  [ETHUSD][3] today:

Buy 625.55, TP 677.00

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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-23122020&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-23122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus