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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 zigzag forming by Ethereum could be smaller than previously expected.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming corrective wave [B] as double zigzag (W)-(X)-(Y). The descending wave (X) has completed as a triple zigzag W-X-Y-XX-Z. The chart is now forming an impulse. There must be forming wave (Y), with the first wave A unfolding inside. Wave A could finish at a level of 51945.00. An approximate trajectory of the Bitcoin future price movement is outlined in the chart.
Trading plan for BTCUSD today:
Buy 48408.50, TP 51945.00
Elliott wave Ripple analysis
The XRPUSD market is forming a large motive wave (Y) as a simple zigzag A-B-C. Wave (Y) is an element of a larger corrective trend. In the (Y) wave, the first impulse wave A has completed, and the corrective wave B is unfolding as a double zigzag [W]-[X]-[Y], which is about to end soon. The final wave [Y] should end at a level of 1.055, where the entire correction B will be 61.8% of impulse A.
Trading plan for XRPUSD today:
Buy 0.995, TP 1.055
Elliott wave Ethereum analysis
The ETHUSD is forming the middle part of the bearish double zigzag, the linking wave X, as a double zigzag [W]-[X]-[Y]. The market must have completed the down linking wave [X] as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The price should be rising in the motive wave [Y], which is unfolding as a simple zigzag (A)-(B)-(C). The [Y] wave should end at a level of 4495.52.
Trading plan for ETHUSD today:
Buy 3954.39, 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.