Short-term forecast for BTCUSD, XRPUSD and ETHUSD 22.08.2022

I welcome my readers!

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 XRPUSD is forming the final leg of the large motive wave; when it finishes, the downtrend will be developing.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD is forming a large double zigzag, with the first motive wave [W] completed inside as a triple zigzag. There is developing the bearish linking wave [X] as a double zigzag (W)-(X)-(Y). Sub-wave (W) must have completed as a simple zigzag A-B-C. The Bitcoin price should be rising in the linking wave (X) to a level of 23500.00, where wave (X) will retrace the (W) wave by 61.8%.

Trading plan for BTCUSD today:

Buy 21470.00, Take profit: 23500.00

Elliott wave Ripple analysis

The XRPUSD market is forming the initial part of the corrective pattern unfolding as a double zigzag W-X-Y. There is developing the first sub-wave W as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The price could be rising to the previous high of 0.408, marked by wave [Y]. The price should be rising in the motive wave [Z] developing as a standard zigzag (A)-(B)-(C), as outlined in the chart.

Trading plan for XRPUSD today:

Buy 0.338, Take profit: 0.408

Elliott wave Ethereum analysis

The ETHUSD chart displays the final part of the large linking wave (X) unfolding as a triple zigzag, this is the motive wave Z. The Z wave could complete as a simple zigzag [A]-[B]-[C]. Correction [B] must have completed as a double zigzag. There is unfolding the bearish wave [C] as an impulse (1)-(2)-(3)-(4)-(5), as outlined in the chart. The potential impulse could finish at a level of 850.00. 

Trading plan for ETHUSD today:

Sell 1603.40, Take profit: 850.00

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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.

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