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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (29 December 2020)

2020-12-29

2020-12-29

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 29.12.2020Roman 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 BTCUSD market should soon end forming the triangle pattern, and the price will start rising. Let us study each cryptocurrency pair in more detail.

The article covers the following subjects:

Elliott wave Bitcoin analysis

There has been forming a bullish impulse for a long time; the first four sub-waves have completed within the impulse. There is now forming the upward impulse wave (5), namely its fourth leg. The corrective wave 4 looks like a triangle. The contracting triangle should end soon, and the price will start rising in the impulse wave 5 towards a level of 29500.00. One could enter long positions in the current situation.

Trading plan for [BTCUSD][1] today:

Buy 26144.50 TP 29500.00

Elliott wave Ripple analysis

The Ripple market is forming the impulse down wave C that is composed of five sub-waves. The first three legs of the C wave could have completed, and there is forming the corrective wave [4] composed of the sub-waves (W)-(X)-(Y). The sub-waves (W) and (X) have completed, and the (Y) has started unfolding. The market should continue rising in the zigzag- shaped wave (Y) towards level 0.386, as it is outlined in the chart.

Trading plan for [XRPUSD][2] today:

Buy 0.219, TP 0.386

Elliott wave Ethereum analysis

The corrective wave 4 should have completed as a down triple zigzag. Next, the price turned up and started rising in the new bullish impulse. The first two sub-waves [1]-[2] of the new impulse have ended, and the impulse wave [3] is still developing. The price should be rising to a level above 790.00 in the next few days.

Trading plan for  [ETHUSD][3] today:

Buy 695.06, TP 750.00

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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-29122020&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-29122020&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus