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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (8 March 2021)

2021-03-08

2021-03-08

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 08.03.2021Roman 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.

All the three cryptocurrency pairs covered in the article should be growing in the impulse waves this week. Let us explore each cryptocurrency market structure in more detail.

The article covers the following subjects:

Elliott wave Bitcoin analysis

There is forming the double down zigzag [W]-[X]-[Y], namely, its middle part- the linking wave [X]. Wave [X] is unfolding as a simple zigzag (A)-(B)-©. The sub-waves (A) and (B) have completed, and the price is rising in the impulse wave ©. The impulse wave © is composed of the sub-waves 1-2-3-4-5, where the first three sub-waves must have completed, and the bearish corrective sub-wave 4 is unfolding. Therefore, there should be developing a short corrective wave 4 and the final wave 5, driving the price to a level of 54500.00.

Trading plan for [BTCUSD][1] today:

Buy 50351.00, TP 54500.00

Elliott wave Ripple analysis

The XRPUSD is forming the down simple zigzag [A]-[B]-[C]. Within this zigzag, there is forming corrective wave [B], which is composed of three sub-waves (A)-(B)-©. The (B) should end soon, and there will be developing the upward impulse ©. The © impulse could drive the price up to a level of 0.520, where the [B] correction will be 50% of the impulse wave [A]. After the suggested target level is reached, the Ripple price will start declining in the final wave [C] towards a level of 0.300.

Trading plan for [XRPUSD][2] today:

Buy 0.463, TP 0.520

Elliott wave Ethereum analysis

The ETHUSD market continues forming the double downward zigzag W-X-Y. Wave W has completed as a simple zigzag. There is now forming the upward linking wave X as a zigzag. There have completed two sub-waves, impulse [A] and correction [B]. There is now forming the fourth sub-wave of the upward impulse [C]. The entire wave [C] could end at a level of around 1865.00.

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

Buy 1717.51, TP 1865.00

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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-07032021&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-07032021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus