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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.
Bitcoin and Ripple should be declining in the final sub-waves of triple zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The hourly BTCUSD chart displays the descending triple zigzag currently unfolding, with the bearish wave [A] completed as a five-wave impulse in early December. The market has been rising in corrective wave [B] developing as a double three (W)-(X)-(Y). Wave (W) completed as a double zigzag, and the descending linking wave (X) is currently forming as a triple zigzag. Wave Z should conclude the zigzag at a level of 44500.00, where wave Z will retrace the Y wave by 76.4%.
Trading plan for BTCUSD today:
Sell 46523.00, TP 44500.00
Elliott wave Ripple analysis
The XRPUSD market is forming a descending motive wave (Y) as a simple zigzag, with the first impulse wave A completed and the upward corrective wave developing as a double zigzag[W]-[X]-[Y] inside. All sub-waves of this double zigzag must be also double zigzags of a smaller degree. The final motive wave [Y] will be concluded by the (Y) wave at a level of 0.966, where correction B will be 50% of the A impulse.
Trading plan for XRPUSD today:
Buy 0.891, TP 0.966
Elliott wave Ethereum analysis
The ETHUSD market is forming the middle leg of the larger descending double zigzag W-X-Y, the linking wave X, which is developing as a double zigzag [W]-[X]-[Y]. The first motive wave [W] has completed as a simple zigzag. The chart is forming the final leg of the linking wave [X] as a triple zigzag (W)-(X)-(Y)-(X)-(Z). The price should be declining in the final sub-wave (Z) to the low of 3640.00, marked by the preceding motive wave (Y). After the indicated level is reached, the market could turn up and start forming the upward wave [Y].
Trading plan for ETHUSD today:
Sell 3910.10, TP 3640.00
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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.