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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 BTCUSD market is forming the final leg of the bearish impulse that will soon be completed. Next, the price should be rising in the bullish correction.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The first leg of the new bearish simple zigzag (A)-(B)-(C) is currently forming. The down sub-wave (A) is unfolding as a five-wave impulse 1-2-3-4-5. The descending impulse sub-waves 1 and 3, and corrective sub-wave, zigzags, have completed. There is developing the final sub-wave 5, which should finish at a level of 54690.00. When the indicated level is reached, the market could start rising as outlined in the chart.
Trading plan for BTCUSD today:
Sell 57392.00, TP 54690.00
Elliott wave Ripple analysis
The XRPUSD market is developing the large linking wave (X) as a contracting triangle A-B-C-D-E. The first three legs of the triangle should have completed, and there is developing the fourth sub-wave of the pattern, the down wave D, as a double zigzag [W]-[X]-[Y]. The motive wave [Y] should conclude the D wave. The (C) should soon conclude the [Y] wave. When the (C) wave completes, the market should start rising in the final wave E to a level above 1.085, marked by correction (B).
Trading plan for XRPUSD today:
Buy 1.036, TP 1.085
Elliott wave Ethereum analysis
The ETHUSD market is forming the initial part of the new corrective trend as a double zigzag. Within the potential zigzag, the down motive wave (W) has finished. There is developing the linking wave (X) as a simple zigzag A-B-C. The bearish correction B should have finished, so the price should soon be rising in the bullish impulse C towards a level of 4650.00, where wave (X) will be 76.4% of wave (W).
Trading plan for ETHUSD today:
Buy 4170.78, TP 4650.00
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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 LiteForex. 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.