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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 article covers the following subjects:
Elliott wave Bitcoin analysis
The most recent chart section displays the descending linking wave [X], unfolding as a double zigzag (W)-(X)-(Y). The first motive zigzag-shaped wave (W) looks complete. The price is now rising in the linking wave (X) that could also be a standard zigzag A-B-C, with sub-waves A and B finished inside. The price should be going up in the C impulse to a level of 23500.00, where wave (X) will retrace the (W) wave by 61.8%.
Trading plan for BTCUSD today:
Buy 21319.00, Take profit: 23500.00
Elliott wave Ripple analysis
The XRPUSD is forming the final leg of the large triple zigzag, wave [Z], as a simple zigzag (A)-(B)-(C), as outlined in the chart. So, there will be developing two impulse waves (A) and (C) and correction (B). The price could be rising to a level of 0.408, the previous high marked by sub-wave [Y].
Trading plan for XRPUSD today:
Buy 0.339, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market is forming the final wave Z as a part of the triple zigzag (X) of a larger degree. Wave Z is unfolding as a simple zigzag [A]-[B]-[C], with the first two sub-waves completed inside. Wave [C] is developing as an impulse (1)-(2)-(3)-(4)-(5), with sub-waves (1)-(2) finished. The Ethereum price should continue falling in sub-waves (3)-(4)-(5) to a level of 850.00, as outlined in the chart.
Trading plan for ETHUSD today:
Sell 1620.28, 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.