Short-term forecast for BTCUSD, XRPUSD and ETHUSD 02.12.2021

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.

The Ethereum price is going down, confirming the development of the potential zigzag.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The bearish zigzag (A)-(B)-(C) continues developing. After the down impulse wave (A) completed, the market has turned up and started rising in correction (B), which is unfolding as a zigzag A-B-C. Impulse A and correction B have completed within the zigzag. The C impulse has started unfolding; it could end at a level of 61215.00, where the (B) wave will retrace the (A) wave by 50%.

Trading plan for BTCUSD today:

Buy 56952.00, TP 61215.00

Elliott wave Ripple analysis

The XRPUSD market continues forming the final leg of the contracting triangle A-B-C-D-E, wave E. The E wave could be unfolding as a simple zigzag [A]-[B]-[C]. The first sub-wave [A] could end as a five-wave impulse (1)-(2)-(3)-(4)-(5) at a level around 1.070 marked by correction (B). Therefore, the price should be moving in sub-wave (5) of a smaller degree to a level of 1.070. Next, following a short decline in correction [B], the market will continue rising to higher price levels.

Trading plan for XRPUSD today:

Buy 0.971, TP 1.070

Elliott wave Ethereum analysis

The downtrend is developing as a double zigzag (W)-(X)-(Y), as it is clear from the ETHUSD chart. The linking wave (X) has recently completed as a double zigzag W-X-Y. The Ethereum price should be declining in the final motive wave (Y), unfolding as a simple zigzag A-B-C, as outlined in the chart. The first impulse wave could end at a level around 4320.00, marked by correction 4. One could enter sell trades in the current situation.

Trading plan for ETHUSD today:

Sell 4546.01, TP 4320.00

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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 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.

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