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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.
Ripple and Bitcoin completed impulse down waves, so the prices should be rising in corrections.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a new descending correction as a simple zigzag [A]-[B]-[C]. The first impulse wave [A] completed as a simple five-wave impulse. Next, the market turned up and started rising in the bullish correction [B], likely unfolding as a zigzag (A)-(B)-(C), as outlined in the chart. The entire wave [B] could end at a level of 58410.00, where it will be 61.8% of the [A] impulse.
Trading plan for BTCUSD today:
Buy 49146.50, TP 58410.00
Elliott wave Ripple analysis
The XRPUSD market is forming the global double zigzag, with the final leg, wave (Y), unfolding inside as a simple zigzag A-B-C. Wave A has completed as an impulse composed of five sub-waves ----. There is developing the beginning of the bullish correction as a double combination [W]-[X]-[Y], as outlined in the chart. The entire pattern could end at a level of 1.163, where wave B will be 76.4% of impulse A.
Trading plan for XRPUSD today:
Buy 0.791, TP 1.163
Elliott wave Ethereum analysis
The ETHUSD market has completed the upward wave (W), which is the first leg of the large double or triple zigzag. There is unfolding the descending counter wave as a double zigzag W-X-Y. The motive wave W seems to have completed as a zigzag [A]-[B]-[C]. There is developing the linking wave X, which could also be a zigzag [A]-[B]-[C], as outlined in the chart. The X wave could end at a level of 4540.00, where it will be 76.4% of wave W.
Trading plan for ETHUSD today:
Buy 4177.76, TP 4540.00
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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.