Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (8 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.
It seems that Ripple has completed a small triangle-shaped correction, so expect the price to rise in the coming days.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is building a correction [B], in the form of a simple zigzag (A)-(B)-(C). The first two parts of this zigzag are fully completed, and the last part, impulse wave (C), is still unfolding. Most likely, shortly, the price will correct within wave 4, which is part of the impulse (C). Completion of this correction is expected at level 50111.00. At this level, wave 4 will be 38.2% of the impulse sub-wave 3. Therefore, one could enter sell trades.
Trading plan for BTCUSD today:
Sell 53857.55, TP 50111.00
Elliott wave Ripple analysis
The XRPUSD market is developing a downward corrective trend in the shape of a W-X-Y double zigzag. Currently, an upward linking wave X is forming as a simple zigzag [A]-[B]-[C]. The last impulse wave [C] is currently under construction. It seems that it has completed a triangle correction (4). Therefore, shortly, the price could continue rising within wave (5) to the level of 1.200. Therefore, it is reasonable to consider entering buy trades.
Trading plan for XRPUSD today:
Buy 1.062, TP 1.200
Elliott wave Ethereum analysis
Ethereum is building a zigzag correction B. It consists of subwaves [A]-[B]-[C]. The bullish impulse wave [C] is developing now. It is assumed that the construction of the upward impulse wave (3) has come to an end. Thus, shortly, a fall to the level of 3200.00 within the correction (4) is possible. At the indicated level, wave (4) will be 50% of wave (3). It is profitable to consider entering sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 3569.12, TP 3200.00
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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.