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I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
The BTCUSD market could be forming a corrective wave as a bearish triple zigzag. The ETHUSD is forming an expanding horizontal triangle, upon completion of which, the price should start rising in the new impulse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming the (C) wave, which is the final leg of the large corrective wave [B]. There could be developing the final element if the bearish correction 4, which is about to end soon. This correction is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The price should be declining in the (C) impulse to a level of 57239.05, where motive wave [Y] finished earlier. At the indicated level, wave [Z] will be 76.4% of the [W] wave. After the price reaches level 57239.05, it could start rising as outlined in the chart.
Trading plan for BTCUSD today:
Sell 60249.50, TP 57239.05
Elliott wave Ripple analysis
The XRPUSD market is forming the linking upwave X as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking wave [X] has recently completed as a double zigzag (W)-(X)-(Y). There is now developing the final motive wave [Z], which should have a simple structure composed of sub-waves (A)-(B)-(C). A short descending correction (B) should soon end, and the price will start rising in the (C) impulse to a level of 1.157, marked by correction B.
Trading plan for XRPUSD today:
Buy 1.085, TP 1.157
Elliott wave Ethereum analysis
The ETHUSD marked is forming the second half of the large impulse wave [C] composed of sub-waves (1)-(2)-(3)-(4)-(5). There should be forming a horizontal corrective wave, unfolding as an expanding triangle A-B-C-D-E. The first four parts of the triangle pattern must have completed. Over the next few days, the market should be declining in the final impulse sub-wave [C] to a level of 3882.00, the support level marked by the zigzag-shaped wave C.
Trading plan for ETHUSD today:
Sell 4228.94, TP 3882.00
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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 LiteForex. 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.