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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (08 February 2021)

2021-02-08

2021-02-08

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 08.02.2021Roman 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 cryptocurrencн pairs should be declining in the short term.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming a large ending diagonal, with the first two sub-waves [1] and [2] completed inside. There is unfolding the upward wave [3] as a zigzag. After the bullish impulse (a) completed, the price has started declining in the corrective wave (b) that could end at a level of around 35500.00. Next, the market will resume rising in the © impulse, as it is outlined in the chart. One could enter sell trades in the current situation.

Trading plan for [BTCUSD][1] today:

Sell 38583.00 TP 35500.00

Elliott wave Ripple analysis

In late January 2021, the XRPUSD market has completed a large upward linking wave (X) as a standard zigzag composed of the three major sub- waves A-B-C. Next, there has started forming a new zigzag-shaped pattern. There is likely to be forming the bearish wave W as a zigzag [A]-[B]-[C]. Wave [B] has recently completed as a triple zigzag. Therefore, the price should be declining in the final impulse wave [C], which should conclude wave W at a level of around 0.300.

Trading plan for [XRPUSD][2] today:

Sell 0.419, TP 0.300

Elliott wave Ethereum analysis

The market must have completed the global zigzag-shaped pattern composed of the sub-waves A-B-C. After the bullish impulse C finished, the ETHUSD market turned down and started declining. There is likely to be forming the initial element of the bearish impulse wave. The first two sub-waves (i) and (ii) look complete, and the price should be declining in impulse (iii) to a level below 1260.00, which was marked by the triangle correction 4.

Trading plan for  [ETHUSD][3] today:

Sell 1610.44, TP 1260.00

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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-08022021&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-08022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus