Short-term forecast for BTCUSD, XRPUSD and ETHUSD 02.11.2021

I welcome my readers!

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.

Small impulse waves should be developing for all cryptocurrencies covered in the article.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the final part of corrective wave [B] composed of three sub-waves, two of which have completed, and one cannot see them in the chart. There is developing the final upward wave (C) as a bullish impulse 1-2-3-4-5. Correction 4 is currently forming as a triple zigzag, which should soon be concluded by sub-wave [Z]. The Bitcoin price should be declining in the impulse wave (C) of a smaller degree to a level of 57240.00, where wave [Z] will be 76.4% of wave [Y].

Trading plan for BTCUSD today:

Sell 61531.00, TP 57240.00

Elliott wave Ripple analysis

The XRPUSD market is forming the linking wave X as a triple zigzag. The first four sub-waves of this large corrective trend have finished. The final motive wave [Z] is still developing as a zigzag (A)-(B)-(C). Impulse (A) and correction (B) have completed, and the final impulse wave () has just started developing. The Ripple price should be rising in impulse (C) to a level of 1.157, as outlined in the chart.

Trading plan for XRPUSD today:

Buy 1.095, TP 1.157

Elliott wave Ethereum analysis

Like the BTCUSD, the ETHUSD market is forming corrective wave B, with the final leg, impulse [C], unfolding inside. Impulse [C] is composed of five sub-waves (1)-(2)-(3)-(4)-(5). Correction (4) is currently unfolding, likely, as an expanding triangle A-B-C-D-E. The Ethereum price should be declining in the [C] impulse of a smaller degree to a level of 3882.00, which is the support level where sub-wave C finished.

Trading plan for ETHUSD today:

Sell 4358.70, TP 3882.00

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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.

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