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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (2 March 2021)

2021-03-02

2021-03-02

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 02.03.2021Roman 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 chart is forming the final leg of the bearish impulse. Bitcoin and Ethereum continue forming the linking waves in the double zigzags.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market finished a large upward impulse wave, which is composed of the sub-waves [1]-[2]-[3]-[4]-[5]. Next, the market has started declining, forming a bearish double zigzag. The first sub-wave of this zigzag, wave [W], has completed. Wave [W] is also a double zigzag. The Bitcoin price is rising in the linking wave [X], which should end at a level of 52500.00, a little higher than the previous high marked by wave (X). At level 52500.00, wave [X] will reach the Fibonacci ratio of 61.8% of wave [W].

Trading plan for [BTCUSD][1] today:

Buy 49100.50, TP 52500.00

Elliott wave Ripple analysis

After the linking down wave (X) finished, there has started a new downward zigzag, composed of the sub-waves [A]-[B]-[C]. There have completed wave [A] and the upward corrective wave [B], which is a triple zigzag. The price is now declining in wave [C], which is an impulse. Corrective wave (4) of impulse [C] is a skewed triangle and seems to have completed. Therefore, the market should be declining in the final wave (5) towards a level of 0.300.

Trading plan for [XRPUSD][2] today:

Sell 0.441, TP 0.300

Elliott wave Ethereum analysis

After a large bullish wave C completed as a five-wave impulse, there has started unfolding a new corrective pattern. There is likely to be forming a bearish double zigzag W-X-Y. The first zigzag-shaped W looks complete, so the price is now rising in wave X. The price is expected to reach the high at 1710.00, made by correction [B]. At level 1710.00, wave X will slightly exceed the Fibonacci level of 50% of wave W.

Trading plan for [ETHUSD][3] **** today:

Buy 1567.49, TP 1710.00

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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-02032021&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-02032021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus