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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 BTCUSD and ETHUSD are forming the first impulse sub-waves of potential standard zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming the new corrective wave as a zigzag (A)-(B)-(C), with the first wave (A) unfolding inside as an impulse -2-3-4-5. Correction 4 must have completed, and the final wave 5 should be developing as an impulse or ending diagonal. Wave 5 should end at a level of 23022.00, where waves 3 and 5 will be equal.
Trading plan for BTCUSD today:
Buy 19686.00, Take profit: 23022.00
Elliott wave Ripple analysis
The XRPUSD market continues forming the final sub-wave [Z] of the large triple zigzag (X). The [Z] wave is developing as a standard zigzag (A)-(B)-(C), with impulse (A) and bearish correction (B) completed inside. The Ripple price should be rising in the final impulse sub-wave (C) to a level of 0.408. One could enter long trades in the current situation.
Trading plan for XRPUSD today:
Buy 0.324, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market is 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 1-2-3-4-5. The Ethereum price should be rising in impulse 3 to a level of 2056.83, where wave 3 will be 161.8% of wave 1. However, the first upside target is at a high of 1788.00, marked by wave 1.
Trading plan for ETHUSD today:
Buy 1472.75, Take profit: 1788.00
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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.