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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (02 February 2021)

2021-02-02

2021-02-02

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 02.02.2021Roman 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.

All three cryptocurrency pairs are forming the final legs of corrective waves, so the prices should be declining in the short term.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The market continues forming the down corrective wave 4 as a triple zigzag. The first four sub-waves [W]-[X]-[Y]-[X] have completed the sub- waves (a), (b) and © of smaller degree. There is currently unfolding the final motive wave [Z], which can also complete as a simple zigzag (a)-(b)-©. The final impulse © could drive the price to a level of 28800.00, marked by wave [Y]. One could enter sell positions in the current situation.

Trading plan for [BTCUSD][1] today:

Sell 33835.50 TP 28800.00

Elliott wave Ripple analysis

The XRPUSD market is forming the global impulse wave, where the corrective wave (2) has recently completed as a simple zigzag a-b-c. There is developing the initial element of wave (3). The price has sharply increased in impulse 1. Next, it has started declining in the corrective wave 2. Correction 2 could end as a simple zigzag a-b-c; the wave should finish at a level of around 0.310, as it is outlined in the chart. At this level, wave 2 will be 76.4% of wave 1.

Trading plan for [XRPUSD][2] today:

Sell 0.381, TP 0.310

Elliott wave Ethereum analysis

In the upward impulse wave (5), there is forming the horizontal corrective wave 4 as a triangle [A]-[B]-[C]-[D]-[E]. The sub-waves [A]-[B]-[C]-[D] have completed, and the final sub-wave [E] is still developing. Wave [E] should complete as a double zigzag (w)-(x)-(y), where wave (y) is a triple zigzag. The Ethereum price should be declining in wave z to a level of 1170.00. Next, the market should turn up and start rising in impulse 5.

Trading plan for  [ETHUSD][3] today:

Sell 1373.23, TP 1170.00

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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-02022021&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-02022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus