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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 ETHUSD seems to be forming a larger bearish impulse than was previously suggested; there is forming the second leg of the impulse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a large bullish trend as a double zigzag [W]-[X]-[Y]. The first motive wave [W] has completed as a triple zigzag. The bearish linking wave [X] is developing 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 level wave (B) will be 61.8% of impulse (A).
Trading plan for BTCUSD today:
Buy 20404.00, 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 0.330, Take profit: 0.408
Elliott wave Ethereum analysis
The ETHUSD market continues forming the final leg of the large zigzag [A]-[B]-[C], the wave [C]. The [C] wave is forming as an impulse (1)-(2)-(3)-(4)-(5). The first impulse wave (1), composed of sub-waves 1-2-3-4-5, has completed so far. A short upward correction (2) should be developing up to a level of 1720.00, the previous high, marked by sub-wave 4.
Trading plan for ETHUSD today:
Buy 1580.27, Take profit: 1720.00
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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.