Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (13 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 XRPUSD market seems to have completed a bearish correction. Therefore, shortly, BTCUSD and ETHUSD impulse growth is possible.
The article covers the following subjects:
Elliott wave Bitcoin analysis
Corrective wave [B] continues to develop in the shape of a simple zigzag (A)-(B)-(C). The first two parts of this zigzag are fully completed, and the last part is still under development. Two sub-waves 1 and 2 have been formed as part of the bullish impulse wave (C). Now the final part of the upward sub-wave 3 is unfolding. The impulse sub-wave 3 is expected to end at the level of 59500.00. Then, there should be developing correction 4, as shown in the chart.
Trading plan for BTCUSD today:
Buy 56064.50, TP 59500.00
Elliott wave Ripple analysis
Within the potential double zigzag W-X-Y an upward linking wave X is currently developing as a simple zigzag [A]-[B]-[C]. Within this zigzag wave [C] is being developed. It is assumed that the formation of the bearish correction (4) has come to an end. Therefore, growth within the final wave (5) to the level of 1.276 is possible shortly. At this level, wave X will be 76.4% of wave W. Therefore, one could enter long trades.
Trading plan for XRPUSD today:
Buy 1.169, TP 1.276
Elliott wave Ethereum analysis
The ETHUSD market continues forming an upward corrective wave B, consisting of three major sub-waves [A]-[B]-[C]. The first two sub-waves [A]-[B] are already completed. The market is now in a bullish impulse wave [C] which consists of sub-waves (1)-(2)-(3)-(4)-(5). Most likely, the final part of the upward impulse (3) is now developing. Its end is expected around level 3750.00. After reaching this level, the price may start moving downward within correction (4). An approximate trajectory of the future price movement is outlined in the chart.
Trading plan for ETHUSD today:
Buy 3511.24, 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.