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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.
All cryptocurrency pairs continue to decline. New levels to which a drop is expected have been identified.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is developing a corrective trend in the shape of a double zigzag W-X-Y. As part of this pattern, sub-waves W and X are fully completed. Most likely, the initial part of the final actionary wave Y is under development now. Perhaps, a bearish impulse (1)-(2)-(3)-(4)-(5) is now being formed. The price is currently falling within impulse (3). It is assumed that the price will fall to the level of 35515.00. This level was previously marked by a bearish correction (B). In the current situation, it is reasonable to enter sales.
Trading plan for BTCUSD today:
Sell 36717.50, Take profit: 35515.00.
Elliott wave Ripple analysis
The XRPUSD market is forming a global triple zigzag W-X-Y-XX-Z. Not so long ago, a linking wave XX was built in the form of a double zigzag [W]-[X]-[Y]. A downward trend is now visible, which is developing an impulse ----. The last section of the chart shows the first half of the bearish impulse . A component of this impulse, sub-wave (3), may end at level 0.577. This level is marked with a linking wave [X]. An approximate scheme of a possible future movement is shown in the chart.
Trading plan for XRPUSD today:
Sell 0.676, Take profit: 0.577.
Elliott wave Ethereum analysis
The ETHUSD market continues to form a large triple zigzag W-X-Y-XX-Z. After the completion of the upward corrective linking wave XX, the price began to decline. It is possible that the first leg of a standard zigzag, that is, the impulse [A], is under development at the moment. Wave [A] consists of sub-waves (1)-(2)-(3)-(4)-(5). Now the final part of the subwave (3) is developing. Its completion is expected at level 2355.00. This level was marked by a correction B.
Trading plan for ETHUSD today:
Sell 2522.77, Take profit: 2355.00.
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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.