Logo

Posts

Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (5 January 2021)

2021-01-05

2021-01-05

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 05.01.2021Roman 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 and ETHUSD market structures are similar. There are forming upward impulses, with bearish corrective waves developing inside.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD price chart displays the bullish impulse, with the final fifth wave developing inside. The fifth wave is composed of the sub- waves 1-2-3-4-5. The upward impulse wave 3 must have finished. The market has started declining following wave 4. Correction 4 should be unfolding as a standard zigzag [a]-[b]-[c]. The final wave [c] may draw the price slightly lower than the previous low made by the [a] impulse. Therefore, the market should be declining in the near future, and one could enter sell trades.

Trading plan for [BTCUSD][1] today:

Sell 32411.50 TP 27680.00

Elliott wave Ripple analysis

The XRPUSD chart displays the structure of the bearish wave (W), which is forming as a simple zigzag A-B-C. The upward corrective wave B has recently finished; its deep corrective wave [B] is a triple zigzag. The price is now gradually declining in the impulse down wave C. The first four legs of the C wave look complete. There is likely to be forming the fifth wave of impulse [5] that is the final wave in wave C. The price could continue falling to a level of 0.100. Therefore, it is relevant to enter short positions.

Trading plan for [XRPUSD][2] today:

Sell 0.231, TP 0.100

Elliott wave Ethereum analysis

The hourly ETHUSD chart displays the final leg of the large bullish impulse. The corrective wave 4 completed as a triple zigzag in the second half of 2020. Next, the price started rising in the upward impulse wave 5. The sub-waves [i]-[ii]-[iii]-[iv] have ended within wave 5; the price has been sharply rising in the final impulse [v], which looks more powerful than other sub-waves of the same degree. There might be forming the zigzag-shaped corrective wave (iv), which could end at a level of around the previous low at 878.49. Next, the sub-wave (v) will conclude the entire impulse [v].

Trading plan for  [ETHUSD][3] today:

Sell 1074.32, TP 878.49

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker [here][4]. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while [depositing][5] your trading account.
  • Telegram chat for traders: . We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

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.

Rate this article:

{{value}}

( {{count}} {{title}} )

  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-05012021&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-05012021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus