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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (05 February 2021)

2021-02-05

2021-02-05

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 05.02.2021Roman 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 cryptocurrency market continues following the scenarios outlined earlier. Let us explore each cryptocurrency pair in more detail.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is developing the upward impulse wave, namely, its final leg. The corrective wave 4 has recently completed as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. There is unfolding the initial element of the bullish impulse 5. The first two sub-waves of impulse 5 have completed, wave [3] is still forming. The Bitcoin price should be rising in the final fifth wave of the impulse wave [3] towards the level of 40109.00, which is the high made by the linking wave [X].

Trading plan for [BTCUSD][1] today:

Buy 37285.00 TP 40109.00

Elliott wave Ripple analysis

The most recent section of the Ripple price chart displays the formation of the initial element of the new bullish impulse. The upward impulse wave 1 finished. Next, the market has started declining in the corrective wave 2, which is unfolding as a simple zigzag [a]-[b]-[c]. Correction [b] must have completed as a double zigzag (w)-(x)-(y). The price should be declining in the final sub-wave [c] to a level of 0.300. One could enter sell trades in the current situation.

Trading plan for [XRPUSD][2] today:

Sell 0.440, TP 0.300

Elliott wave Ethereum analysis

The ETHUSD market continues forming the upward impulse wave. The horizontal corrective wave 4 has recently completed as a triangle. The market has started rising in impulse wave 5. Four legs out of five must have completed in wave 5. Therefore, the price should be rising in the final sub-wave [5] to a level of 1800.00. One could enter purchases in the current situation.

Trading plan for  [ETHUSD][3] today:

Buy 1632.36, TP 1800.00

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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-05022021&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-05022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus