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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 article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market continues forming corrective wave 4 as a double three [W]-[X]-[Y]. Correction 4 has started after bullish impulse 3 completed. Sub-waves [W] and [X] have completed as double zigzags within wave 4. Next, the market has started declining in the bearish wave [Y], which should be developing for some time. Therefore, one could enter short trades at the current levels with a target at 56638.00.
Trading plan for BTCUSD today:
Sell 62629.00, TP 56638.74
Elliott wave Ripple analysis
The XRPUSD market has completed the upward corrective wave [Z], which is the final leg of the triple zigzag [W]-[X]-[Y]-[X]-[Z]. After the [X] wave finished, the market has been rising in the [Z] wave composed of sub-waves (А)-(В)-(С). There should soon start a new bearish wave, and the price will be declining over the next few days towards the target level of 1.1420. Therefore, one could enter short trades at the current levels. The target is at the end of corrective wave 4 of a smaller degree.
Trading plan for XRPUSD today:
Sell 1.2258, TP 1.1420
Elliott wave Ethereum analysis
The ETHUSD market is forming the long-term sideways corrective wave (4) is an expanding triangle composed of sub-waves А-В-С-D-E. After the D wave completes at the most recent chart section, the market must be declining in the final wave E of the triangle. Wave E can be developing as any corrective pattern. Therefore, it is relevant to enter short positions with a target at 3882.00.
Trading plan for ETHUSD today:
Sell 4569.32, 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.