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Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (23 March 2021)

2021-03-23

2021-03-23

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 23.03.2021Roman 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.

Bitcoin and Ethereum are forming the final legs of large corrective waves, so the prices should be declining over the next few days.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is moving down. It might suggest there is forming wave 4 of a larger degree. Therefore, wave 4 could drive the price to a level of 49000. This wave is a zigzag composed of the sub-waves [A]-[B]-[C]. Wave [A] has completed as an impulse, correction [B] is a double zigzag. The [C] impulse is currently unfolding. Today and in the next few days, the market should be declining in waves (3)-(4)-(5) of this impulse, as it is outlined in the chart. One could enter sell trades.

Trading plan for [BTCUSD][1] today:

Sell 53363.00, TP 49000.00

Elliott wave Ripple analysis

The Ripple is forming a complex pattern, mainly composed of sideways waves. There is now developing wave [Y] as a simple zigzag. A small impulse (A) has completed, correction (B) has finished as a sideways double three, and the © impulse is currently unfolding. Impulse © is composed of the sub-waves 1-2-3-4-5, with the corrective wave 4 currently developing inside. Wave 4 should end as a zigzag or flat at a level marked by the low of wave [a], 0.534. Next, the price could start rising in impulse 5. Therefore, one could enter short trades in the current situation.

Trading plan for [XRPUSD][2] today:

Sell 0.563, TP 0.534

Elliott wave Ethereum analysis

The Ethereum market, like Bitcoin, is declining. It could be forming the beginning of the large impulse down wave [C], which is the final leg of the bearish zigzag [A]-[B]-[C]. This zigzag is a part of wave Y of the double zigzag (4). Therefore, over the next few days, the ETHUSD price should be declining to a level of 1286.00. It is relevant to enter sell trades in the current situation.

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

Sell 1672.16, TP 1286.00

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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-23032021&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-23032021&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus