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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 have started ascending corrections while Ethereum is about to finish the bullish correction and start declining.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The descending correction continues developing as a simple zigzag [A]-[B]-[C]. The first leg of the zigzag, sub-wave [A], completed as a five-wave impulse (1)-(2)-(3)-(4)-(5). Next, the market turned up and started rising in the bullish correction [B], which could end as a simple zigzag (A)-(B)-(C), as outlined in the chart. Sub-wave (A) could be unfolding as a leading diagonal. The entire [B] wave could finish at a level of 58410.00, where it will be 61.8% of the [A] impulse.
Trading plan for BTCUSD today:
Buy 51179.50, TP 58410.00
Elliott wave Ripple analysis
The XRPUSD market is forming the final leg of the global double zigzag, sub-wave (Y). The (Y) wave must be developing as a simple zigzag A-B-C. Impulse wave A looks complete, it is composed of five sub-waves ----. There has started unfolding the bullish correction as a double combination [W]-[X]-[Y], as outlined in the chart. There is developing the first motive wave [W]. The entire pattern could finish at a level of 1.163, where wave B will retrace the A wave by 76.4%.
Trading plan for XRPUSD today:
Buy 0.831, TP 1.163
Elliott wave Ethereum analysis
The ETHUSD market is forming a descending corrective wave as a double zigzag W-X-Y. The motive wave W seems to have completed as a zigzag [A]-[B]-[C]. There is unfolding the linking wave X, also as a zigzag [A]-[B]-[C], as outlined in the chart. Impulse [A] and correction [B] have finished, and the Ethereum price should be rising in the final impulse wave [C]. The [C} wave could finish at a level of 4540.00, where the X wave will be 76.4% of wave W.
Trading plan for ETHUSD today:
Buy 4364.87, 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.