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.
All crypto-pairs will likely have an impulse fall this trading week.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
Bitcoin is supposed to follow a corrective trend developing as a double zigzag. Sub-waves W-X have fully formed. The final part of the ultimate actionary wave Y is currently developing. A bearish impulse (1)-(2)-(3)-(4)-(5) might be unfolding at the moment. A leading diagonal (1) and a zigzag-shaped correction (2) have already been completed. The market is expected to fall shortly in impulse (3) to the low of 36260.00 marked by linking wave [X]. The inner structure of the impulse (3) is outlined with sub-waves 1-2-3-4-5.
Trading plan for BTCUSD for today:
Sell 39281.65, Take profit: 36260.00.
Elliott Wave analysis for Ripple
A global triple zigzag W-X-Y-XX-Z continues forming as part of the XRPUSD’s structure. Linking wave XX has recently formed as a double zigzag [W]-[X]-[Y]. We can see now a downtrend that suggests an impulse ----. A zigzag-shaped correction  is most likely completed. So, we see a bearish impulse  starting to form in the last segment of the chart. The chart above shows an approximate pattern of an eventual future movement. The price is expected to drop shortly below the low of 0.720 marked with linking wave X.
Trading plan for XRPUSD for today:
Sell 0.794, Take profit: 0.720.
Elliott Wave analysis for Ethereum
A big triple zigzag continues developing in the ETHUSD’s chart. A reactionary linking wave XX has recently formed as a double zigzag [W]-[X]-[Y] within that triple zigzag. The price then started moving downwards in a bearish wave that looks like an impulse. The first two subwaves — a leading diagonal  and a bullish correction  in the form of a double zigzag — seem to be completed. The pair is expected to fall shortly in impulse  below the minimum of 2306.00 formed by linking wave [X].
Trading plan for ETHUSD for today:
Sell 2740.22, Take profit: 2306.00.
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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.