I welcome my readers!
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.
Cryptocurrency prices continue falling. The previous lows should be updated soon.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a new down wave that has started after the long-term corrective wave [B] completed. Based on the inceptive part of the wave, it should be unfolding as an impulse 1-2-3-4-5. It is clear from the chart that the first two legs have finished. There is developing impulse 3. The first two sub-waves seem to have completed within impulse 3. The price should continue declining to a level below the low of 41800.00, marked by wave 1. One could enter sell trades in the current situation.
Trading plan for BTCUSD today:
Sell 45257.00, TP 41800.00
Elliott wave Ripple analysis
The XRPUSD market is forming a new downtrend. It is clear from the most recent chart section that the linking wave (X) finished, the market turned down and started declining. There should be forming a bearish impulse wave with the first two sub-waves completed inside; the third wave has just started developing. The Ripple price should continue declining towards a level of 0.950 and lower.
Trading plan for XRPUSD today:
Sell 1.070, TP 0.950
Elliott wave Ethereum analysis
The ETHUSD market is forming a new impulse down wave that has started after corrective wave B completed. In the B wave, sub-waves 1 and 2 completed, and wave 3 is unfolding. According to the Elliott wave theory, the third sub-waves usually have an impulsive structure. So far, sub-waves  and  have finished, the remaining three waves should be developing in the near future, driving the Ethereum price to a level below the low of 2895.00. One could enter sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 3292.92, TP 2895.00
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram chat for traders: https://t.me/liteforexengchat. We are sharing the signals and trading experience
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
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 LiteForex. 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.