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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.
The market is following the planned scenario for all three cryptocurrency pairs covered in the article. There are forming initial parts of bearish impulses.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The most recent section of the BTCUSD price chart displays the beginning of the new down wave unfolding as an impulse. The down wave 1 finished, and correction 2 completed as a triple zigzag. The Bitcoin price should be declining in impulse wave 3 to a level below 41800.00.
Trading plan for BTCUSD today:
Sell 46975.90, TP 41800.00
Elliott wave Ripple analysis
The XRPUSD market continues declining in the new downtrend. There must be forming a bearish wave, with the first two sub-waves completed inside. The third wave has just started forming. Sub-waves  –  have finished in wave 3. The Ripple price should be moving down towards a level of 0.950 and lower.
Trading plan for XRPUSD today:
Sell 1.081, TP 0.950
Elliott wave Ethereum analysis
The ETHUSD market situation is similar to that of the BTCUSD. Correction B has completed, and the market is declining in the new down wave. The first two sub-waves 1 and 2 have completed, and there is unfolding a more powerful impulse wave 3. The Ethereum price should be declining to a level below 2895.00, marked by wave 1. The Ethereum price should be declining to a level below 2895.00, marked by wave 1. One could enter sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 3386.30, TP 2895.00
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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 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.