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I have prepared a short-term cryptocurrency forecast based on the Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD continues forming the standard descending zigzag (A)-(B)-(C), with the first impulse wave (A) completed inside. The bullish correction (B) should be currently unfolding as a double zigzag W-X-Y, as outlined in the chart. The first motive wave W is developing as a zigzag [A]-[B]-[C], with sub-waves [A] and [B] completed inside as an impulse and a zigzag-shaped correction. The price should be rising in sub-waves [C], X and Z to a level of 23034.75 where correction (B) will be 61.8% of impulse (A).
Trading plan for BTCUSD today:
Buy 20172.50, Take profit: 23034.75
Elliott wave Ripple analysis
The XRPUSD is forming the initial part of the potential double zigzag, sub-wave W. Sub-wave W is developing as a triple zigzag [W]-[X]-[Y]-[X]-[Z], with the final sub-wave [Z] unfolding inside as a double zigzag (W)-(X)-(Y), as outlined in the chart. The first sub-wave (W) should be a simple zigzag A-B-C. Sub-wave W should finish at a level of 0.408.
Trading plan for XRPUSD today:
Buy 0.331, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market is forming the bearish wave [C] as a five-wave impulse (1)-(2)-(3)-(4)-(5). The first impulse wave (1) has completed, and bullish correction (2) should be developing as a zigzag A-B-C. Correction (2) should finish at a level of 1720.00, the high marked by sub-wave 4. Next, the price will be declining in impulse (3).
Trading plan for ETHUSD today:
Buy 1591.67, Take profit: 1720.00
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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.