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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (22 January 2021)

2021-01-22

2021-01-22

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 22.01.2021Roman 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.

The first wave of the XRPUSD uptrend is likely to end as a leading diagonal.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The market has been forming the corrective wave 4 since early January. Wave may have ended as a bearish double zigzag [W]-[X]-[Y]. The sub- waves [W], [X], and [Y] are simple zigzags. If the presumption is correct, and the correction has ended, the market should be rising in the final wave 5. The first buy target is level 37850.00, which is the previous high marked by wave (b).

Trading plan for [BTCUSD][1] today:

Buy 30575.50 TP 37850.00

Elliott wave Ripple analysis

Wave (1) is unfolding as a leading diagonal, as the corrective wave 4 ended lower than wave 1. Wave 4 has a more complex structure than the first three legs of the leading diagonal. Wave 4 is composed of the sub- waves [W]-[X]-[Y], where wave [X] is a double zigzag. The market should be rising in wave 5 to a level above the previous high at 0.330, made by wave [X].

Trading plan for [XRPUSD][2] today:

Buy 0.263, TP 0.330

Elliott wave Ethereum analysis

Within the impulse wave C, the fifth leg is forming as an impulse (1)-(2)-(3)-(4)-(5). There is now forming the final element of the bullish wave (5), that is sub-wave 5. As the corrective wave [4] ended at a level higher than the end of wave [1] and seems to have completed its pattern, wave 5 must be an ending diagonal. Therefore, the market should be rising in the final zigzag-shaped wave [5] to a level of 1450.00. One could enter purchases in the current situation.

Trading plan for  [ETHUSD][3] today:

Buy 1153.30, TP 1450.00

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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-22012021&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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