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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (04 February 2021)

2021-02-04

2021-02-04

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 04.02.2021Roman 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.

The Ripple price is declining in corrective wave 2; Bitcoin and Ethereum are forming the initial parts of the fifth sub-waves.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the upward five-wave impulse, with the bearish corrective wave 4 completed inside. Wave 4 is a bearish triple zigzag [W]-[X]-[Y]-[X]-[Z]. Next, the market turned up and started rising in the initial leg of the fifth impulse wave. The sub-waves [1] and [2] have completed, and the price is now growing in sub-wave [3]. The market should go up above the final level of wave [X], 40109.00.

Trading plan for [BTCUSD][1] today:

Buy 37736.50 TP 40109.00

Elliott wave Ripple analysis

The most recent chart section shows the formation of the initial part of the impulse wave (3). The price has sharply risen in impulse 1. Next, the market dropped in the corrective wave 2. Wave 2 is likely to be a simple zigzag [a]-[b]-[c], where [b] is a double zigzag, and the [c] impulse has started developing. Therefore, the price should be declining in the [c] impulse to a level of 0.300. One could enter sales in the current situation.

Trading plan for [XRPUSD][2] today:

Sell 0.383, TP 0.300

Elliott wave Ethereum analysis

There is forming the upward impulse wave composed of sub-waves 1-2-3-4-5. The impulse sub-waves 1 and 3, and the corrective waves 2 and 4 have completed. Wave 4 has recently finished as a triangle [A]-[B]-[C]-[D]-[E]. The price is now rising in the final fifth wave. The price should be rising to a level above 1800.00. One could enter purchases in the current situation.

Trading plan for  [ETHUSD][3] today:

Buy 1662.65, TP 1700.00

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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-04022021&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-04022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus