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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.
Bitcoin and Ripple are rising in bullish impulse sub-waves, the elements of larger zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
After the large impulse wave (A) completed, there has started a bearish zigzag (A)-(B)-(C). Within this zigzag, impulse wave (A) completed. Next, the market has turned up and started rising in correction (B), likely unfolding as a zigzag A-B-C. Impulse A and correction B have finished within the zigzag. The C impulse has started unfolding; it could end at a level of 61215.00, where the (B) wave will retrace the (A) wave by 50%. One could enter purchases in the current situation.
Trading plan for BTCUSD today:
Buy 56504.50, TP 61215.00
Elliott wave Ripple analysis
The final leg of the horizontal contracting triangle A-B-C-D-E continues forming in the hourly XRPUSD chart. Wave E could be unfolding as a simple zigzag [A]-[B]-[C]. The first sub-wave [A] could finish as a five-wave impulse (1)-(2)-(3)-(4)-(5) at a level around 1.070 marked by correction (B). Therefore, the Ripple price should be rising in the final sub-wave (5) to a level of 1.070. An approximate trajectory of the Ripple future price movement is outlined in the chart.
Trading plan for XRPUSD today:
Buy 0.967, TP 1.070
Elliott wave Ethereum analysis
The ETHUSD market has completed the linking wave (X) as a double zigzag W-X-Y. The price should be declining in the final motive wave (Y) unfolding as a simple zigzag A-B-C in the large double combination, as outlined in the chart. The first impulse wave could finish at a level of 4320.00, marked by correction 4. One could enter sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 4523.27, TP 4320.00
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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 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.