Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (12 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.
Bitcoin and Ethereum should soon finish the third sub-waves in large impulses. Ripple seems to have completed the bearish correction and should soon start rising in the impulse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market must be forming correction [B] as a simple zigzag (A)-(B)-(C). The first two legs of the zigzag have finished, and there is unfolding its final leg, impulse wave (C). Sub-waves 1 and 2 have completed in the (C) impulse, sub-wave 3 is still developing. The Bitcoin price should continue rising in sub-wave , which will conclude impulse 3 around the level of 59500.00. Next, the market will be declining in corrective wave 4, as outlined in the chart
Trading plan for BTCUSD today:
Buy 56746.50, TP 59500.00
Elliott wave Ripple analysis
The XRPUSD market continues forming the descending corrective trend as the double zigzag W-X-Y. There is developing the upward linking wave X as a simple zigzag [A]-[B]-[C], with impulse wave [C] unfolding inside. In the [C] wave, bearish correction (4) has completed, so the price should be rising in wave (5) to a level of 1.276. At this level, wave X will be 76.4% of wave W. One could enter long trades in the current situation.
Trading plan for XRPUSD today:
Buy 1.089, TP 1.276
Elliott wave Ethereum analysis
The ETHUSD market is rising in corrective wave B composed of three major sub-waves [A]-[B]-[C]. There is developing the bullish impulse wave [C] composed of sub-waves (1)-(2)-(3)-(4)-(5). There must be forming the final leg of the upward impulse (3), which will end at a level of around 3750.00. After the price reaches this level, it should start declining in correction (4), as outlined in the chart. One could enter purchases in the current situation.
Trading plan for ETHUSD today:
Buy 3467.57, 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.