Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (11 October 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 must continue forming bullish impulses. Therefore, the prices should continue rising.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market must be forming correction [B] as a regular zigzag (A)-(B)-(C). The first two legs of the zigzag have completed, and the final impulse wave (C) is still developing. The price must continue rising in impulse 3 to a level of 59500.00. Next, the price could go down in corrective wave 4, as outlined in the chart. One could enter purchases in the current situation.
Trading plan for BTCUSD today:
Buy 56318.50, TP 59500.00
Elliott wave Ripple analysis
The XRPUSD market is forming the corrective downtrend as a double zigzag W-X-Y. There is forming the upward linking wave X as a simple zigzag [A]-[B]-[C]. There is currently unfolding the final impulse wave [C]. Within the [C] wave, correction (4) has completed, so, the price should be rising in the final wave (5) to a level of 1.276. At this level, wave X will retrace wave W by 76.4%. One could enter buy trades in the current situation.
Trading plan for XRPUSD today:
Buy 1.155, TP 1.276
Elliott wave Ethereum analysis
The ETHUSD market is forming a zigzag-shaped correction B composed of sub-waves [A]-[B]-[C]. There is developing the bullish impulse wave [C] composed of sub-waves (1)-(2)-(3)-(4)-(5). There should be forming the final element of the upward impulse (3), which will end at a level of around 3750.00. Next, the market should go down in correction (4) as outlined in the chart. One could enter purchases in the current situation.
Trading plan for ETHUSD today:
Buy 3510.89, TP 3750.00
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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.