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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (24 December 2020)

2020-12-24

2020-12-24

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 24.12.2020Roman 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.

Ethereum is forming a bearish correction which takes the form of a complex structure. It is a triple zigzag. The second linking wave XX is expected to form in the near future.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The chart shows the structure of the uptrend. It is an impulse. Not so long ago, the market formed a corrective wave (4), which took the form of an A-B-C zigzag. Currently, we see the development of an upward impulse wave (5), to be precise, its middle part - impulse 3. Apparently, a horizontal correction [4] is being formed, which is a flat (a)-(b)-©. In the near future, sub-wave © will be completed. After that the price will rise in the final wave (5) towards the level of 26000.00.

Trading plan for [BTCUSD][1] today:

Buy 22933.50 TP 26000.00

Elliott wave Ripple analysis

A downward wave (W), which is a triple zigzag W-X-Y-XX-Z, is seen distinctly in the chart. It is assumed that this zigzag is fully completed, so in the near future, the price may rise in the upward linking wave (X). Most likely the price will reach the level of 0.498. At this level, wave (X) will be 50% of wave (W) according to the Fibonacci lines. Consider opening longs.

Trading plan for [XRPUSD][2] today:

Buy 0.285, TP 0.498

Elliott wave Ethereum analysis

In the last section of the chart, we see a downward corrective wave (4) developing, it takes the form of a bearish triple zigzag W-X-Y-XX-Z. Apparently, the first three parts of this structure have already been completed. In the short term, a rise to the level of 609.25 is possible in wave XX, at which point it will be 50% of a downward wave (Y). The price will then begin to go down in the final actionary wave (Z), as shown in the chart.

Trading plan for  [ETHUSD][3] today:

Buy 581.34, TP 609.25

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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-24122020&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-24122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus