Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 19.08.2022

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.

Bitcoin’s and Ripple’s rates are developing similarly. Double zigzags are presumably forming, their linking waves being already completed. The market is ready to start building the ultimate actionary sub-waves.

The article covers the following subjects:

Elliott Wave analysis for Bitcoin

The BTCUSD cryptocurrency pair is presumed to be building the initial part of a new corrective pattern in the form of a double zigzag [W]-[X]-[Y]. The actionary wave [W] is developing as a triple zigzag (W)-(X)-(Y)-(X)-(Z). Its ultimate wave (Z) may be completed soon as a double zigzag W-X-Y, where the sub-wave Y will also be a double zigzag [W]-[X]-[Y]. The rate is expected to rise soon in the ultimate sub-wave [Y] to level 26375.45, where the size of the sub-wave (Z) will equal the sub-wave (Y). 

Trading plan for BTCUSD for today:

Buy 22762.00, Take profit: 26375.45

Elliott Wave analysis for Ripple

The XRPUSD crypto pair is forming the last segment of a big corrective pattern, a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its first four parts are fully complete. The actionary wave [Z] is unfolding at the moment. It will likely form as a double zigzag (W)-(X)-(Y). Its first two waves (W) and (X) formed as regular zigzags A-B-C. Thus, the cryptocurrency is expected to rise soon in the sub-wave (Y) above the maximum of 0.408 to level 0.438, where the wave [Z] will be 76.4% of the wave [Y]. 

Trading plan for XRPUSD for today:

Buy 0.359, Take profit: 0.408

Elliott Wave analysis for Ethereum

A big correction [B] continues forming for the ETHUSD crypto pair. It may end soon as a double zigzag (W)-(X)-(Y). The final sub-wave (Y) is currently developing and will likely end as a regular zigzag A-B-C. Its impulse wave C is half-completed. The price may rise in sub-waves [3]-[4]-[5] to level 2209.00 in the nearest time. Wave [B] will be 50% of the previous impulse wave [A] at that level.

Trading plan for ETHUSD for today:

Buy 1818.69, 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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