Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 17.08.2022

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.

Ripple’s rate is expected to grow to the previous high and update it. The price may rise higher.

The article covers the following subjects:

Elliott Wave analysis for Bitcoin

Bitcoin continues forming a bullish actionary wave [W]. It is unfolding as a triple zigzag that requires sub-wave (Z) to be fully complete. The sub-wave (Z) appears to be forming as a double zigzag W-X-Y, where the ultimate sub-wave Y is also developing as a double pattern [W]-[X]-[Y]. The sub-wave [Y] is unfolding at the moment and may end as a standard zigzag (A)-(B)-(C) near level 26375.45. The sub-wave (Z) will equal the sub-wave (Y) at that level.

Trading plan for BTCUSD for today:

Buy 23866.00, Take profit: 26375.45

Elliott Wave analysis for Ripple

The initial part of a bullish corrective uptrend, which may form as a double zigzag W-X-Y, is unfolding for the XRPUSD crypto pair. The first actionary wave W is presumably developing as a triple zigzag. In the current timeframe, we see the structure of the actionary zigzag-shaped wave [Y] and a bearish linking wave [X], which looks like a double zigzag (W)-(X)-(Y). Zigzag (A)-(B)-(C) is most probably forming at the moment. It may end the wave [Z] near level 0.464, where the waves [Z] and [Y] will be equal. Bulls’ nearest target is the previous high of 0.408, where the first impulse sub-wave is expected to end.

Trading plan for XRPUSD for today:

Buy 0.374, Take profit: 0.408

Elliott Wave analysis for Ethereum

The ETHUSD rate is correcting to the upside in a big wave [B]. This wave is forming as a double zigzag (W)-(X)-(Y). The current chart shows the structure of the ultimate actionary wave (Y), which looks like a simple zigzag A-B-C. The impulse wave A and its bearish correction B have been completed. The last impulse sub-wave C is currently unfolding. To be fully complete, it requires sub-waves [3]-[4]-[5]. They may continue developing to level 2209.00. 

Trading plan for ETHUSD for today:

Buy 1870.42, Take profit: 2209.00

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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.

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