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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (12 January 2021)

2021-01-12

2021-01-12

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 12.01.2021Roman Onegin

I welcome my readers!

I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.

Bitcoin continues forming the upward impulse wave. Ripple is shaping the initial element of the bullish impulse; Ethereum has started developing the bearish zigzag.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market continues running up in the impulse wave 5, with the final leg developing inside. The most recent chart section displays the bullish impulse (5) of [5], which is composed of five waves 1-2-3-4-5. The zigzag-shaped bearish correction 4 seems to have completed, and so the price should be rising in wave 5. The market should be rising to a level of 50000.00. Therefore, one could consider entering long trades in the current situation.

Trading plan for [BTCUSD][1] today:

Buy 35094.00 TP 50000.00

Elliott wave Ripple analysis

The Ripple market is developing a bullish trend, which has started after the bearish correction B completed. There is forming a five-wave impulse. The first wave of this impulse, impulse wave (1), must have finished. Wave 1 is a leading diagonal, correction 4 is a contracting triangle. The price is now declining in the down corrective wave (2). The market could be declining to a level of 0.200. After that, the Ripple price should again start rising.

Trading plan for [XRPUSD][2] today:

Sell 0.284, TP 0.200

Elliott wave Ethereum analysis

The ETHUSD market must have completed the upward impulse wave C. The price is now declining, forming a new bearish trend. There is likely to be developing the beginning of a simple zigzag [A]-[B]-[C]. The impulse wave [A] could have finished by half, so the price should continue declining to a level of 784.00. Next, the market should turn up and start rising in the corrective wave [B]. One could enter short trades in the current situation.

Trading plan for  [ETHUSD][3] today:

Sell 1062.84, TP 784.00

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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-12012021&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-12012021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus