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 and Ethereum are forming double zigzags, whose ultimate complex waves are developing as double combinations, too.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
At the beginning of December, Bitcoin finished forming a downward impulsive wave [A], consisting of sub-waves (1)-(2)-(3)-(4)-(5). Then, a corrective wave [B] started forming as a double zigzag (W)-(X)-(Y). The middle part of the pattern, linking wave (X), developed as a triple zigzag on 20 December. The ultimate actionary wave (Y) has been unfolding since last week and is about to end. The wave (Y) will likely be a simple zigzag A-B-C, where impulse A and correction B have already formed, and sub-wave C is half-built. So, the BTCUSD may continue growing shortly to 55000.00 in sub-wave C. Correction [B] will be 50% of impulse [A] at that level.
Trading plan for BTCUSD for today:
Buy 51019.00, TP 55000.00
Elliott Wave analysis for Ripple
The XRPUSD pair is plotting an upward corrective wave B, which has started unfolding once a downward impulsive wave A fully formed. The corrective wave B looks like a double zigzag [W]-[X]-[Y], with actionary wave [Y] currently forming. The wave [Y]’s inner structure looks like a double zigzag (W)-(X)-(Y), where actionary wave (W) is a triple zigzag. The ultimate wave (Y) is expected to form as a double pattern and end near level 1.055. Correction B will be 50% of impulse A at that level.
Trading plan for XRPUSD for today:
Buy 0.937, TP 1.055
Elliott Wave analysis for Ethereum
The ETHUSD crypto pair is forming the middle part of a double zigzag W-X-Y — linking wave X. Its inner structure looks like a double zigzag [W]-[X]-[Y]. The first two waves [W] and [X] have already formed, whereas the ultimate wave [Y] is still unfolding. It is probably developing as a double zigzag (W)-(X)-(Y), where the ultimate sub-wave (Y) can also be a double zigzag W-X-Y of a smaller degree. The pair will most likely continue rising in the next few days and stop near level 4495.50.
Trading plan for ETHUSD for today:
Buy 4059.10, 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.