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.
Bearish impulsive waves are half-formed and continue unfolding in the three cryptocurrency charts.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
After an upward linking wave X formed as a double zigzag [W]-[X]-[Y], the market started following a new bearish trend. Most likely, we see the first part of momentum unfolding. It might trigger a bigger pattern formation. Subwaves (1) and (2) formed as part of potential momentum. Impulsive wave (3) is currently developing and might end at 35515.00.
Trading plan for BTCUSD for today:
Sell 38128.50, Take profit: 35515.00.
Elliott Wave analysis for Ripple
After an ascending linking wave XX formed, the market turned down following a new trend. Bearish impulse ---- appears to be developing in the last chart segment. The middle part of the impulsive subwave  — subwave (3) — is forming now. The subwave (3) will likely end at 0.646, and a small correction might then develop.
Trading plan for XRPUSD for today:
Sell 0.714, Take profit: 0.646.
Elliott Wave analysis for Ethereum
After an upward linking wave XX formed as a double zigzag [W]-[X]-[Y], a new bearish trend started developing in the ETHUSD chart. Most likely, a downward wave [A] is currently unfolding as impulse (1)-(2)-(3)-(4)-(5). The middle part of the impulse — subwave (3) — is developing now. It’s supposed to end at level 2355.00, marked by a small correction B.
Trading plan for ETHUSD for today:
Sell 2654.62, Take profit: 2355.00.
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