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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (7 January 2021)

2021-01-07

2021-01-07

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 07.01.2021Roman 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.

Bitcoin and Ethereum are rising in the impulse waves; Ripple is forming a bearish ending diagonal.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the bullish impulse wave (5), with four legs out of five completed inside. There is now developing the final motive wave 5 as an upward five-wave impulse. Wave [3] should soon end at a level of around 38600.00. Next, following a short decline in the corrective wave [4], the Bitcoin price will continue rising in wave [5], as it is outlined in the chart.

Trading plan for [BTCUSD][1] today:

Buy 37399.00 TP 38600.00

Elliott wave Ripple analysis

The XRPUSD market is forming the bearish impulse wave C composed of five sub-waves [1]-[2]-[3]-[4]-[5]. The first four legs of this impulse have completed. There is now forming wave [5] as an ending diagonal. The corrective wave (4) must have completed as a triple zigzag. The price should be declining in the final wave (5) to a level of 0.100.

Trading plan for [XRPUSD][2] today:

Sell 0.291, TP 0.100

Elliott wave Ethereum analysis

The ETHUSD market is forming the fifth wave of a larger bullish impulse. Wave 5 is also an impulse. There have completed four sub-waves [1]-[2]-[3]-[4], and wave [5] is still forming. The corrective wave (iv) must have finished, and the price is rising in wave (v). This wave should complete at a level of around 1270.00. Next, a new downtrend should start.

Trading plan for  [ETHUSD][3] today:

Buy 1200.70, TP 1270.00

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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-07012021&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-07012021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus