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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (17 February 2021)

2021-02-17

2021-02-17

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 17.02.2021Roman 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 Bitcoin and the Ethereum prices should decline in the corrective waves over the next few days. The Ripple has started to form the final leg of the bullish triple zigzag.

The article covers the following subjects:

Elliott wave Bitcoin analysis

As it is clear from the most recent chart section, the BTCUSD market is forming an upward impulse that is composed of the sub-waves [1]-[2]-[3]-[4]-[5]. The impulse wave [1] and the corrective wave [2] have completed, and [3] has finished as a simple five-wave impulse. Therefore, the price should be declining in the bearish correction [4] over the next few days. There is forming the initial part of correction [4], sub-wave (a). The market should go down below the previous low at 45800.00.

Trading plan for [BTCUSD][1] today:

Sell 49581.50, TP 45800.00

Elliott wave Ripple analysis

There is forming a simple down zigzag, which has started after the large linking wave (X) finished. There is currently developing the final leg of the upward corrective wave [B] as a triple zigzag (w)-(x)-(y)-(xx)-(z). The linking wave (xx) has recently finished. Therefore, the price should be rising in the final wave (z). The price could go up to a level above the end of wave x, that is, above level 0.583.

Trading plan for [XRPUSD][2] today:

Buy 0.509, TP 0.583

Elliott wave Ethereum analysis

The ETHUSD market is rising in the impulse wave 5, which could conclude a large trend. Within impulse 5, there is forming the corrective sub- wave [iv] as a double zigzag (w)-(x)-(y). This double zigzag should soon complete. The price should not go lower than the previous low; so, the market should reach level 1652.00. After reaching the indicated level, the price can turn up and start rising.

Trading plan for  [ETHUSD][3] today:

Sell 1746.85, TP 1652.00

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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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Price chart of BTCUSD in real time mode

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-17022021&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-17022021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus