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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.
Ethereum is forming an upward corrective wave that could be a double zigzag.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a corrective wave as a simple zigzag [A]-[B]-[C]. The first sub-wave of zigzag, the five-wave impulse [A], completed. Next, the market turned up and started rising in the ascending corrective wave [B]. The [B] wave could be unfolding as a simple zigzag (A)-(B)-(C), as outlined in the chart. Sub-wave (A) has completed as a leading diagonal. A short correction (B) could have also completed. The entire [B] wave could end at a level of 58410.00, where it will be 61.8% of the [A] impulse.
Trading plan for BTCUSD today:
Buy 50469.00, TP 58410.00
Elliott wave Ripple analysis
The XRPUSD market continues forming the final motive wave (Y) in the double zigzag. The (Y) wave is developing as a simple zigzag A-B-C. The A impulse, composed of five sub-waves ----, must have completed, and the bullish correction B has started developing as a double combination [W]-[X]-[Y], as outlined in the chart. The first sub-wave must have a complex structure of a double combination W-X-Y. The entire B wave should end at a level of 1.163, where wave B will retrace the A wave by 76.4%.
Trading plan for XRPUSD today:
Buy 0.813, TP 1.163
Elliott wave Ethereum analysis
The ETHUSD market continues forming the bearish double zigzag W-X-Y. The first motive wave W has completed as a zigzag [A]-[B]-[C]. The linking wave X is developing as a zigzag [A]-[B]-[C]. Impulse [A] and correction [B] have finished, and the Ethereum price should be rising in the impulse wave [C], namely its final, fifth sub-wave. The [C] wave could end at a level of 4540.00, where the X wave will be 76.4% of wave W.
Trading plan for ETHUSD today:
Buy 4332.05, 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.