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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.
All three cryptocurrency pairs covered in the article are rising in the final waves of the upward double zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a simple descending zigzag [A]-[B]-[C], with the first wave [A] completed inside as a bearish impulse composed of five major sub-waves (1)-(2)-(3)-(4)-(5). The market is now rising in the upward corrective wave [B] as a double zigzag (W)-(X)-(Y). The first two sub-waves (W) and (X) must have completed, so the price should be rising in the final sub-wave (Y) to a level of 55050.00. At this level, according to the Fibonacci retracements, the [B] wave will be 50% of the [A] wave.
Trading plan for BTCUSD today:
Buy 48299.50, TP 55050.00
Elliott wave Ripple analysis
The XRPUSD market is forming the down wave (Y), which will conclude the global double zigzag. Wave (Y) is unfolding as a simple zigzag A-B-C, with the first impulse wave A completed inside. There is developing the bullish correction B as a double zigzag [W]-[X]-[Y], where sub-waves [W]-[X] have completed, and the final motive wave [Y] has just started forming. Therefore, the Ripple price should be rising in wave [Y] to a level of 1.052, where wave B will retrace the A wave by 61.8%.
Trading plan for XRPUSD today:
Buy 0.812, TP 1.052
Elliott wave Ethereum analysis
The ETHUSD market is forming the descending double zigzag W-X-Y, with the first motive wave W completed inside as a simple zigzag [A]-[B]-[C]. There is developing the linking wave X as a double zigzag [W]-[X]-[Y]. The linking down wave [X] must have completed as a double zigzag (W)-(X)-(Y). Therefore, the Ethereum price should be rising in the final motive wave [Y] to a level of 4500.00, marked by the motive wave [W].
Trading plan for ETHUSD today:
Buy 3870.99, TP 4500.00
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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.