Based on the Elliott wave analysis, I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum. Also, I’ve provided trading recommendations and entry points for each cryptocurrency pair.
Bitcoin is close to completing the first impulse wave and might slightly pull back in a small correction move.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
The crypto pair BTCUSD is correcting in wave [B]. This wave may finally be shaped like a double three (W)-(X)-(Y). Sub-wave (Y), whose structure may be simple, is required to complete that corrective pattern. The first impulse wave A is nearing completion as part of the wave (Y) and consists of sub-waves ----. It is expected to end near the level of 51945.00. The chart shows an approximate pattern of an eventual future movement.
Trading plan for BTCUSD for today:
Buy 50969.00, TP 51945.00
Elliott Wave analysis for Ripple
The XRPUSD crypto pair keeps forming an upward corrective wave B which is part of a big regular zigzag A-B-C. The correction looks like a double zigzag [W]-[X]-[Y]. The first two parts of the pattern have already formed, and the last actionary wave [Y] is currently unfolding as a double zigzag (W)-(X)-(Y). Its ultimate sub-wave (Y) includes impulse A and correction B, while an impulse wave C may end near the level of 1.055. At that level, the size of wave B will be 61.8% of impulse A.
Trading plan for XRPUSD for today:
Buy 0.963, TP 1.055
Elliott Wave analysis for Ethereum
Ethereum is forming the second wave of a global double zigzag — linking wave X. Its complex structure includes sub-waves [W]-[X]-[Y]. Sub-waves [W]-[X] are probably fully formed. The ultimate actionary wave [Y] is currently developing and may form as a simple zigzag (A)-(B)-(C). There’s a chance that the price will rise in impulse wave (C) to the level of 4495.50 marked by wave [W]. Then the market may reverse and start dropping in wave Y.
Trading plan for ETHUSD for today:
Buy 4087.80, TP 4495.50
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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 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.