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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.
All cryptocurrency pairs covered in the article are moving according to the scenarios suggested earlier.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming the bearish wave [X] as a double zigzag (W)-(X)-(Y). The first motive wave (W) has completed as a simple zigzag. The linking wave (X) is currently developing, also as a simple zigzag A-B-C. The Bitcoin price should be rising in the C impulse, namely, in sub-waves --, to a level of 23500.00, where wave (X) will be 61.8% of sub-wave (W).
Trading plan for BTCUSD today:
Buy 21319.00, Take profit: 23500.00
Elliott wave Ripple analysis
The XRPUSD market is forming the motive wave W as a triple zigzag, with the final sub-wave [Z] developing inside 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 of the triple zigzag (X). 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. One could enter sell trades in the current situation.
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.