Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 21.02.2022
2022-02-21 2022-02-21 Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 21.02.2022
Roman Onegin
Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis. Also, I’ve provided trading recommendations and entry points for each cryptocurrency pair.
All crypto-pairs will likely have an impulse fall this trading week.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
Bitcoin is supposed to follow a corrective trend developing as a double zigzag. Sub-waves W-X have fully formed. The final part of the ultimate actionary wave Y is currently developing. A bearish impulse (1)-(2)-(3)-(4)-(5) might be unfolding at the moment. A leading diagonal (1) and a zigzag-shaped correction (2) have already been completed. The market is expected to fall shortly in impulse (3) to the low of 36260.00 marked by linking wave [X]. The inner structure of the impulse (3) is outlined with sub-waves 1-2-3-4-5.
A global triple zigzag W-X-Y-XX-Z continues forming as part of the XRPUSD’s structure. Linking wave XX has recently formed as a double zigzag [W]-[X]-[Y]. We can see now a downtrend that suggests an impulse [1]-[2]-[3]-[4]-[5]. A zigzag-shaped correction [2] is most likely completed. So, we see a bearish impulse [3] starting to form in the last segment of the chart. The chart above shows an approximate pattern of an eventual future movement. The price is expected to drop shortly below the low of 0.720 marked with linking wave X.
A big triple zigzag continues developing in the ETHUSD’s chart. A reactionary linking wave XX has recently formed as a double zigzag [W]-[X]-[Y] within that triple zigzag. The price then started moving downwards in a bearish wave that looks like an impulse. The first two subwaves — a leading diagonal [1] and a bullish correction [2] in the form of a double zigzag — seem to be completed. The pair is expected to fall shortly in impulse [3] below the minimum of 2306.00 formed by linking wave [X].
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The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. 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.
