Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (1 September 2021)
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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 cryptocurrency pairs covered in the article seem to correlate with each other. There are developing the final legs in the bullish impulses.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD rate continues rising. The most recent chart section shows that the market is trading flat with a slight downward slope. Corrective wave 4 must have completed as a double three [W]-[X]-[Y]. The Bitcoin price should continue rising in wave 5 to a level of 51100.00. When the market reached the indicated level, the price could turn down and start a new downtrend.
Trading plan for BTCUSD today:
Buy 47260.01, TP 51100.00
Elliott wave Ripple analysis
The hourly XRPUSD price chart displays the second half of the impulse wave C. Wave , having started in mid-August, seems to have completed as a zigzag (A)-(B)-(C). There must have started the upward impulse wave , and it should finish at a level of 1.402. One could open buy positions in the current situation.
Trading plan for XRPUSD today:
Buy 1.178, TP 1.402
Elliott wave Ethereum analysis
The ETHUSD market situation is similar to that of the BTCUSD. The horizontal corrective wave (4) has recently completed as a flat A-B-C. Next, the market has started rising in bullish impulse impulse (5) composed of sub-waves 1-2-3-4-5. There should be unfolding waves 4 and 5 to a level of 3670.00, as outlined in the chart. It is relevant to buy under the current conditions.
Trading plan for ETHUSD today:
Buy 3429.66, TP 3670.00
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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.