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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (6 January 2021)

2021-01-06

2021-01-06

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 06.01.2021Roman 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.

Ripple and Ethereum are forming down impulses. Bitcoin price is rising in the bullish impulse.

The article covers the following subjects:

Elliott wave Bitcoin analysis

There is forming the upward impulse wave (5). The first four legs of wave (5) have completed. The sub-waves 1 and 3 are impulses, corrective sub-waves 2 and 4 are zigzags. There is forming wave 5 that is a bullish five-wave impulse. Wave [3] of 5 could end at a level of around 38600.00. Next, the market should be declining in correction [4], as it is outlined in the chart.

Trading plan for [BTCUSD][1] today:

Buy 35341.75 TP 38600.00

Elliott wave Ripple analysis

The XRPUSD market is forming the down wave (W) composed of three main sub-waves A-B-C. The price is now declining in the impulse wave C that is composed of the sub-waves [1]-[2]-[3]-[4]-[5]. There is forming the final fifth wave, with the corrective wave (4) recently completed inside. Correction (4) is a triple zigzag w-x-y-xx-z. Over the next few days, the price should be declining in wave (5) to a level of 0.100. One could enter sell trades in the current situation.

Trading plan for [XRPUSD][2] today:

Sell 0.225, TP 0.100

Elliott wave Ethereum analysis

The ETHUSD market continues forming the final impulse wave 5 that is composed of five sub-waves. The market has recently completed the bullish impulse [iii], which is an element of the upward impulse wave [v]. There is currently forming the bearish correction (iv) as a zigzag a-b-c. The zigzag-shaped wave b must have completed, and it suggests the market should start declining in the impulse sub-wave c. The price should hit level 878.49, marked by wave a.

Trading plan for  [ETHUSD][3] today:

Sell 1121.06, TP 878.49

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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-06012021&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-06012021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus