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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 BTCUSD and XRPUSD could be forming the final motive sub-waves of large double zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD must be forming the second leg of the potential double zigzag, the linking wave [X], as a double zigzag (W)-(X)-(Y). Sub-wave (W) is a simple zigzag A-B-C, the linking wave (X) is a triple zigzag. There is unfolding sub-wave (Y) as a standard zigzag A-B-C. The complex corrective wave B should soon finish as a triple zigzag [W]-[X]-[Y]-[X]-[Z], and the Bitcoin price will continue falling in the impulse sub-wave C to a level of 18500.00.
Trading plan for BTCUSD today:
Sell 19719.50, Take profit: 18500.00
Elliott wave Ripple analysis
The XRPUSD market continues forming the motive wave W as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking wave [X] could be unfolding as a double zigzag (W)-(X)-(Y), with the final motive wave (Y) developing inside. The (Y) wave could be a simple zigzag A-B-C, which should end at a level of 0.307, where wave (Y) will reach the Fibonacci extension of 161.8% of wave (W). Therefore, one could enter sell trades.
Trading plan for XRPUSD today:
Sell 0.328, Take profit: 0.307
Elliott wave Ethereum analysis
The ETHUSD market is forming the large linking wave (X) as a triple zigzag W-X-Y-X-Z, with the final motive wave Z unfolding inside as a standard zigzag [A]-[B]-[C]. After corrective wave [B] completed as a double zigzag (W)-(X)-(Y), the market has been forming the initial part of the [C] wave. The [C] wave should be forming as an impulse (1)-(2)-(3)-(4)-(5), as outlined in the chart. Corrective wave (2), currently developing, could finish at a level of 1732.29, marked by sub-wave 4.
Trading plan for ETHUSD today:
Buy 1555.66, Take profit: 1732.29
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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.