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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 XRPUSD and BTCUSD should be forming bullish corrective waves, and the ETHUSD should continue developing the bearish impulse wave.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming a large bullish trend as a double zigzag [W]-[X]-[Y]. The first motive wave [W] has completed, and the bearish linking wave [X] is currently forming as a standard zigzag (A)-(B)-(С). The first sub-wave (A) must have completed as an impulse. The Bitcoin price should be rising in the corrective sub-wave (B) unfolding as a zigzag A-B-C that will end at level 23022.00. At this wave (B) will be 61.8% of impulse (A).
Trading plan for BTCUSD today:
Buy 19769.50, Take profit: 23022.00
Elliott wave Ripple analysis
The XRPUSD continues forming the motive wave W as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking wave [X] must have completed as a double zigzag (W)-(X)-(Y). The final motive wave (Y) looks completed as a zigzag A-B-C. The motive sub-wave [Z] should be currently unfolding up to a level of 0.408.
Trading plan for XRPUSD today:
Buy 0.320, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market continues forming the final leg of the large zigzag [A]-[B]-[C], the [C]. The [C] wave is forming as an impulse (1)-(2)-(3)-(4)-(5). Impulse wave (3) must have finished; it is composed of sub-waves 1-2-3-4-5. The Ethereum price should be rising in correction (4), and after that, the market will resume falling in sub-wave (5) to a level of 850.00.
Trading plan for ETHUSD today:
Sell 1441.67, 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.