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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.
Shortly, all cryptocurrencies should be developing fourth sub-waves in bearish impulses.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market should be forming a large down wave W as a simple zigzag [A]-[B]-[C]. In late December, the market may have completed the corrective wave [B] and started declining in wave [C] unfolding as a regular impulse (1)-(2)-(3)-(4)-(5). The first three legs of the potential impulse, (1)-(2)-(3), must have completed. There is forming correction (4) as a zigzag A-B-C. The descending double zigzag B must have finished, so the price should be rising in the C impulse to the previous high of 44454.55. An approximate trajectory of the Bitcoin future price movement is outlined in the chart.
Trading plan for BTCUSD today:
Buy 42112.50, Take profit: 44454.55.
Elliott wave Ripple analysis
The XRPUSD market must be forming the middle leg of the large bearish corrective trend, that is, wave Y. The Y wave is likely to be unfolding as a simple zigzag [A]-[B]-[C], with the final impulse wave [C] developing inside. The first three sub-waves of the [C] impulse must have finished, and there is developing correction (4). The zigzag-shaped correction B should soon finish, and the price will be rising in sub-wave C towards a level of 0.805, marked by the A impulse.
Trading plan for XRPUSD today:
Buy 0.752, Take profit: 0.805.
Elliott wave Ethereum analysis
The ETHUSD market is forming the middle sub-wave Y of the large triple zigzag. The Y wave is developing as a regular zigzag, with the first two sub-waves completed inside. The final wave [C] is unfolding as a simple five-wave impulse (1)-(2)-(3)-(4)-(5). Like the BTCUSD, the ETHUSD is forming corrective wave (4) as a simple zigzag A-B-C. Correction B might have finished, and the price should be rising in sub-wave C to a level of 3414.93, marked by the first impulse wave A.
Trading plan for ETHUSD today:
Buy 3176.46, Take profit: 3414.93.
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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.