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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 final wave of the bullish double zigzag that is being formed by the BTCUSD market could complete as a triple combination.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market continues forming the corrective trend as a simple zigzag [A]-[B]-[C]. There is forming corrective wave [B] as a double zigzag (W)-(X)-(Y). The motive wave (W) is a double zigzag, the linking wave (X) has completed as a triple zigzag. The Bitcoin price should be rising in the final wave (Y) to a level of 55050.00, where wave [B] will be 50% of the [A] impulse. The (Y) should complete as a triple zigzag, as outlined in the chart.
Trading plan for BTCUSD today:
Buy 48725.00, TP 55050.00
Elliott wave Ripple analysis
The hourly XRPUSD chart displays the structure of the bearish motive wave (Y) unfolding as a simple zigzag, with the first impulse wave A completed inside. There is forming correction B as a double zigzag [W]-[X]-[Y]. Wave [W] is a double combination. The linking wave [X], composed of sub-waves (W)-(X)-(Y), could have also completed. The market should be rising in sub-wave [Y] to a level of 0.966, where the B correction will be 50% of the A impulse. The [Y] wave could end as a double zigzag (W)-(X)-(Y).
Trading plan for XRPUSD today:
Buy 0.824, TP 0.966
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 unfolding the linking wave X as a double zigzag [W]-[X]-[Y]. The descending linking wave [X] must have completed as a double zigzag (W)-(X)-(Y). Therefore, the price should be rising in the [Y] wave to the previous high of 4500.00.
Trading plan for ETHUSD today:
Buy 4015.21, 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.