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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 going towards the previous highs.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming the upward motive wave [Y] as a standard zigzag (A)-(B)-(C). The wave (A) completed as an upward impulse. Correction (B) ended as a standard zigzag A-B-C. There is unfolding the final wave (C) as an impulse 1-2-3-4-5, as outlined in the chart. The price could rise in sub-wave 3 to a high of 22777.00.
Trading plan for BTCUSD today:
Buy 19000.50, Take profit: 22777.00
Elliott wave Ripple analysis
The XRPUSD is forming a corrective pattern as a double zigzag W-X-Y. The first motive wave W has finished as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The price is declining in the bearish linking wave X; the market could go down to the low of 0.368, marked by corrective sub-wave .
Trading plan for XRPUSD today:
Sell 0.407, Take profit: 0.368
Elliott wave Ethereum analysis
The ETHUSD market is forming a large double zigzag. The bearish linking wave [X] has recently completed. The Ethereum price should be rising in the new motive wave to a high of 1800.00 and higher. There should be developing an impulse pattern ----, as outlined in the chart.
Trading plan for ETHUSD today:
Buy 1333.71, Take profit: 1800.00
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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.