I welcome my readers!
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.
Bitcoin is expecting an impulse price rise soon. Ripple and Ethereum have begun building the last legs of the double zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The hourly BTCUSD chart shows the development of the middle part of a large descending zigzag. The bearish wave [A] was completed in the form of a five-wave impulse, followed by the development of the corrective wave [B]. This correction has a complex internal structure and consists of three sub-waves (W)-(X)-(Y). The first two sub-waves (W) and (X) are already fully completed, while the last sub-wave (Y) is still forming. Wave (Y) seems to be developing as a simple zigzag, where impulse A and correction B are completed. Thus, growth in the last impulse wave C to the level of 55000.00 is possible in the near future. The wave [B] will be 50% of the impulse [A] at the level indicated above.
Trading plan for BTCUSD today:
Buy 50829.00, TP 55000.00
Elliott wave Ripple analysis
The XRPUSD market is forming a large wave (Y), in the form of an A-B-C zigzag. The middle part of the indicated zigzag, corrective wave B, is under development. Perhaps, this correction will take the form of a double zigzag [W]-[X]-[Y], where the sub-waves [W]-[X] are already completed. Now the last motive wave [Y] is developing. Most likely, it will take the form of a double zigzag (W)-(X)-(Y). Possibly, the decline in the linking wave (X) has come to an end, so shortly, the price will start to grow in the final sub-wave (Y) to the level of 1.055. At this level, the wave B will be 50% of the impulse A.
Trading plan for XRPUSD today:
Buy 0.919, TP 1.055
Elliott wave Ethereum analysis
The ETHUSD market is forming a downtrend that may take the form of a double zigzag W-X-Y. To date, only the first part has been fully completed, the motive zigzag wave W. Currently, wave X is under development, which will most likely take the form of a double zigzag [W]-[X]-[Y], where the sub-waves [W] and [X] are already completed. The last motive sub-wave [Y] is likely to take the shape of a double zigzag (W)-(X)-(Y) near level 4495.50, which was marked by the motive wave [W]. Therefore, expect to see a rise within sub-wave (Y) in the shape of A-B-C zigzag in the near future, as shown in the chart.
Trading plan for ETHUSD today:
Buy 4064.90, TP 4495.50
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo-code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram chat for traders: https://t.me/liteforexengchat. We are sharing the signals and trading experience
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
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.