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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (01 February 2021)

2021-02-01

2021-02-01

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 01.02.2021Roman 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.

Ethereum and Bitcoin are forming corrective sub-waves. Bitcoin is developing a triple zigzag, and Ethereum is forming a skewed triangle.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming corrective wave 4 as a bearish triple zigzag. The second linking upwave [X] must have completed. The market is now declining in the final motive wave [Z] that is unfolding as a simple zigzag (a)-(b)-©. There must have finished the bearish impulse (a) and the bearish correction (b). Therefore, the price should be falling in impulse © to a level of 28900.00.

Trading plan for [BTCUSD][1] today:

Sell 33533.50 TP 28900.00

Elliott wave Ripple analysis

The chart displays the initial part of the large impulse wave. Wave (1) has completed as a bullish impulse. The bearish corrective wave (2) has finished as a zigzag a-b-c, where wave a is an impulse, b is a double zigzag, c is an ending diagonal. There is forming the initial element of the impulse wave (3). The first sub-wave of impulse (3) seems to have completed, so the market should be running down in correction 2 to a level of 0.378 during this week. At this level, wave 2 will be 50% of wave 1.

Trading plan for [XRPUSD][2] today:

Sell 0.538, TP 0.378

Elliott wave Ethereum analysis

The ETHUSD market is forming the upward impulse wave C, namely its final sub-wave (5) of [5]. In the bullish impulse (5), there is forming a horizontal corrective wave 4 as a skewed triangle, as its constructing lines are directed up, as well as the main trend. The sub-wave [E] will conclude the triangle pattern. The [E] wave is unfolding as a double zigzag, where the impulse wave c of the final zigzag (y) is forming. The c impulse should end at a level of 1170.00. Next, the market should turn up and start rising in wave 5.

Trading plan for  [ETHUSD][3] today:

Sell 1304.74, TP 11170.00

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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-01022021&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-01022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus