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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 BTCUSD market continues forming the bearish corrective pattern as a double zigzag (W)-(X)-(Y). The first motive wave (W) has completed, and the linking wave (X) is unfolding as an upward zigzag A-B-C. The final impulse wave C is currently unfolding within the zigzag, and the price could go up to a level of 23500.00, where wave (X) will be 61.8% of sub-wave (W).
Trading plan for BTCUSD today:
Buy 21530.00, Take profit: 23500.00
Elliott wave Ripple analysis
The XRPUSD market is forming the motive wave W as a triple zigzag [W]-[X]-[Y]-[X]-[Z], with the final sub-wave [Z] developing inside as a simple zigzag (A)-(B)-(C), as outlined in the chart. The price could go up in the (A) impulse, and, following a correction down in the (B) wave, the market will resume growing towards the previous high of 0.408. An approximate trajectory of Ripple future price movement is outlined in the chart.
Trading plan for XRPUSD today:
Buy 0.346, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market continues forming the final leg of the large zigzag [A]-[B]-[C]; this is the [C] wave. The [C] wave is unfolding as a simple impulse (1)-(2)-(3)-(4)-(5). Sub-waves (3)-(4)-(5) should be forming, driving the price down to a level of 850.00. One could enter sell trades with a target at the end if the [C] impulse.
Trading plan for ETHUSD today:
Sell 1679.81, 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.