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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 Bitcoin and Ethereum have completed the descending triple zigzags, so the prices should be rising in new corrective waves.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming the corrective wave [B] as a double three (W)-(X)-(Y), as clear from the most recent section of the hourly chart. The motive wave (W) has completed as a double zigzag. The linking wave (X) must have also completed as a triple zigzag. Therefore, there is unfolding the beginning of the final motive wave (Y), whose the first leg, impulse A may complete at a level of 51944.57, marked by the (W) wave.
Trading plan for BTCUSD today:
Buy 48961.50, TP 51944.57
Elliott wave Ripple analysis
The XRPUSD market is forming the motive wave (Y) as a simple zigzag A-B-C. There is developing the corrective wave B as a double zigzag [W]-[X]-[Y]. The final motive wave [Y] will be concluded by the (Y) wave, namely, by its final impulse wave C. The Ripple price should be rising to a level of 0.966, where corrective wave B will retrace the A impulse by 50%.
Trading plan for XRPUSD today:
Buy 0.878, TP 0.966
Elliott wave Ethereum analysis
The ETHUSD is forming the middle leg of the bearish double zigzag, the linking wave X, as a double zigzag [W]-[X]-[Y]. The price should have finished declining in the linking wave [X] completed as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Therefore, the price should be rising in the initial part of the final motive wave [Y]. Wave [Y] could be unfolding as a simple zigzag, whose first impulse wave (A) should end at a level around the high of 4495.52, marked by wave [W].
Trading plan for ETHUSD today:
Buy 4030.42, TP 4495.52
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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.