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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 ETHUSD has started forming the final wave in the large triangle.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming the final impulse wave (С) in the larger correction [B]. Sub-waves 1-2-3 have been completed in the (С) wave, and corrective wave 4 is currently developing as a double zigzag [W]-[X]-[Y], which will soon be concluded by the final motive wave [Y]. The [Y] wave should end at a level of 56638.74, where wave [Y] will be 76.4% of the [W] wave.
Trading plan for BTCUSD today:
Sell 62878.50, TP 56638.74
Elliott wave Ripple analysis
The XRPUSD market is forming the large linking wave X as a triple zigzag, with the final motive wave [Z] unfolding inside. The [Z] must be developing as a simple zigzag (A)-(B)-(C). There have completed the (A) impulse and a zigzag-shaped correction (B). The bullish impulse wave (C) is currently developing. The price should be moving up in the (C) wave to a level of 1.226, the previous high marked by wave [Y].
Trading plan for XRPUSD today:
Buy 1.190, TP 1.226
Elliott wave Ethereum analysis
The ETHUSD market is forming the long-term corrective wave B. The chart displays the structure of the final wave [C], which is the element of the larger correction. In the impulse wave [C], there is unfolding the horizontal correction 4 as an expanding triangle. The upward zigzag-shaped wave D seems to have completed, so the price could shortly start declining in the final wave E of the triangle. The target is at the support level and the previous low of 3882.00.
Trading plan for ETHUSD today:
Sell 4552.13, 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.