Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.11.2021

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.

The BTCUSD market may have completed the upward impulse wave, so the price should start declining in the new bearish trend.

The article covers the following subjects:

Elliott wave Bitcoin analysis

As the price continued declining lower than expected, the (A) wave must have completed. The Bitcoin price is going down in the inceptive part of the new descending impulse of a smaller degree. Two small sub-waves 1 and 2 must have completed. There is unfolding the beginning of the third wave, where the down wave [1] of a smaller degree is about to end soon; next, there will be developing correction [2] as outlined in the chart.

Trading plan for BTCUSD today:

Buy 61266.50, TP 64360.55

Elliott wave Ripple analysis

The XRPUSD market continues forming the linking wave (X) as a horizontal contracting triangle A-B-C-D-E. Wave D is currently unfolding as a simple zigzag [A]-[B]-[C]. The price should go down to a level of 1.045, which is the support. Next, the market will be rising in the final wave E as outlined in the chart. One could enter sell trades in the current situation.

Trading plan for XRPUSD today:

Sell 1.129, TP 1.045

Elliott wave Ethereum analysis

The most recent section of the ETHUSD chart displays corrective wave 4 currently unfolding as a zigzag [A]-[B]-[C]. Impulse wave [A] and correction [B], composed of sub-waves (A)-(B)-(C), have completed. The Ethereum price should be declining in the [C] impulse to a level of 4137.34. Next, the market could start rising in the final, fifth, wave as outlined in the chart. One could enter sell trades in the current situation.

Trading plan for ETHUSD today:

Sell 4353.01, TP 4137.34

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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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