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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 cryptocurrencies continue moving according to the expected scenarios.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD continues forming the upward corrective trend as a double zigzag [W]-[X]-[Y]. The bearish linking wave [X] has recently completed as a triple combination (W)-(X)-(Y). The motive wave [Y] is currently unfolding as a standard zigzag (A)-(B)-(C), with the first sub-wave (A) unfolding as an impulse 1-2-3-4-5, which should finish at a level of around 23377.00, where wave 5 will be 100% of wave 3.
Trading plan for BTCUSD today:
Buy 20324.50, Take profit: 23377.00
Elliott wave Ripple analysis
The XRPUSD market is forming the first motive wave W of the potential double zigzag. The W wave is developing as a triple zigzag that should soon be concluded by wave [Z]. Wave [Z] will complete as a standard zigzag (A)-(B)-(C) at a level of 0.408. The (A) impulse and the (B) correction have finished, so the Ripple price should be rising in the final sub-wave (C).
Trading plan for XRPUSD today:
Buy 0.333, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market continues forming the upward impulse wave [A] composed of sub-waves (1)-(2)-(3)-(4)-(5). The final sub-wave (5) is currently unfolding as an impulse, as outlined in the chart. The Ethereum price should be rising in impulse 3 to the previous high of 1879.00, marked by correction . Next, when the bearish correction 4 completes, the market could resume growing to a level of 2200.00, where impulse (5) will be 76.4% of wave (3).
Trading plan for ETHUSD today:
Buy 1594.80, Take profit: 1879.00
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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.