Short-term forecast for BTCUSD, XRPUSD and ETHUSD 06.09.2022

I welcome my readers!

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 market continues forming the bearish double zigzag (W)-(X)-(Y). The first two sub-waves (W)-(X) have completed, and the final sub-wave (Y) is unfolding as a standard zigzag A-B-C. Wave A has completed as an impulse. There should be developing correction B as a triple zigzag [W]-[X]-[Y]-[X]-[Z], with the final leg unfolding inside. After correction B completes, the price will be falling in sub-wave C to a level of18500.00.

Trading plan for BTCUSD today:

Sell 19733.00, Take profit: 18500.00

Elliott wave Ripple analysis

The XRPUSD is forming the first leg of the of a large corrective trend as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The bearish sub-wave [X], composed of waves (W)-(X)-(Y), is currently developing. The final sub-wave (Y) should soon finish as a standard zigzag A-B-C. In the C wave, the sub-wave [4] has completed, and the price is falling in the sub-wave [5]. Wave [5] could finish at a level of 0.307, where wave (Y) will be 161.8% of wave (W).

Trading plan for XRPUSD today:

Sell 0.323, Take profit: 0.307

Elliott wave Ethereum analysis

The ETHUSD continues forming the bearish wave [C] as an impulse (1)-(2)-(3)-(4)-(5). The first impulse wave (1) has completed; it is composed of sub-waves 1-2-3-4-5. The bullish correction (2) is unfolding as a zigzag A-B-C, which should finish at a level of 1732.29, marked by sub-wave 4. An approximate trajectory of the Ethereum future price movement is outlined in the chart.

Trading plan for ETHUSD today:

Buy 1571.81, 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.

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