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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 three cryptocurrency pairs covered in the article are rising in impulse sub-waves.
The article covers the following subjects:
Elliott wave Bitcoin analysis
Corrective wave [B] is forming in the most recent BTCUSD chart section. This horizontal correction is developing as a double three (W)-(X)-(Y). The motive wave (W) has completed as a double zigzag, the (X) wave has finished as a triple zigzag. The Bitcoin price is rising in the initial part of the final motive wave (Y), its first impulse wave A could end at a level of 51944.57, marked by the (W) wave.
Trading plan for BTCUSD today:
Buy 49273.00, TP 51944.57
Elliott wave Ripple analysis
The XRPUSD market continues forming the descending motive wave (Y) as a simple zigzag A-B-C. There is unfolding corrective wave B as a double zigzag [W]-[X]-[Y]. There is unfolding the final motive wave [Y] as a double combination, which will be concluded by wave (Y), whose final impulse C is currently developing. The Ripple price will be rising in the C impulse to a level of 1.055, where the entire correction B will be 61.8% of impulse A.
Trading plan for XRPUSD today:
Buy 0.967, TP 1.055
Elliott wave Ethereum analysis
The ETHUSD market is forming the linking wave X as an element of the bearish double zigzag. The X wave is developing as a double zigzag [W]-[X]-[Y]. The down linking wave [X] could have completed as a triple zigzag (W)-(X)-(Y)-(XX)-(Z), so 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 of 4495.52, marked by the [W] wave. One could enter purchases in the current situation.
Trading plan for ETHUSD today:
Buy 4044.64, 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.