Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.02.2021

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 BTCUSD market must be finishing a small bullish impulse 5; the ETHUSD and the XRPUSD should slightly decline in the short term.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming the upward impulse wave. There is unfolding the final leg of the impulse, where, following the end of the corrective wave 4, the market has started developing the impulse wave 5. There is developing the bullish wave [3] as a five-wave impulse. Wave [3] should soon finish, and the BTCUSD pair will go down in the impulse wave (2), which is the beginning of the bearish correction [4]. The price could run down to a level below the previous low at 45800.

Trading plan for BTCUSD today:

Sell 49512.50 TP 45800.00

Elliott wave Ripple analysis

The market is now forming the down zigzag [A]-[B]-[C]. The impulse wave [A] has completed. There is developing the upward corrective wave [B] as a triple zigzag. The first three elements of this pattern have completed, and the linking wave (xx) should finish soon. This linking wave is also a triple zigzag, which will be concluded by the sub-wave z. The market should be declining in wave z to a level of 0.504, marked by wave y. Next, the price should start growing in wave (z).

Trading plan for XRPUSD today:

Sell 0.572, TP 0.504

Elliott wave Ethereum analysis

The ETHUSD market continues forming the final leg of the global impulse wave. There is developing wave 5 as an impulse. The sub-waves [i]-[ii]-[iii] have completed, and there is unfolding the bearish correction [iv] as a triple zigzag (w)-(x)-(y). After the linking wave (x) finishes, the market should be declining in the final wave (y), which could complete at the low of 1652.00.

Trading plan for ETHUSD today:

Sell 1819.77, TP 1652.00

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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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