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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.
The ETHUSD must be forming a double zigzag, with the final leg likely unfolding inside.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming the initial part of the new descending corrective trend. There could be developing a simple zigzag (A)-(B)-(C). After the impulse down wave (A) finished, the market has turned up and started rising in correction (B). The (B) correction should be developing as a zigzag, with the upward impulse wave A and down corrective wave B completed inside. Wave C should conclude the zigzag-shaped correction at a level of 61215.00, where wave (B) will be 50% of the (A) wave.
Trading plan for BTCUSD today:
Buy 57248.04, TP 61215.00
Elliott wave Ripple analysis
The XRPUSD market is forming the final leg of the large contracting triangle, that is, wave E is unfolding as a simple zigzag [A]-[B]-[C]. The first sub-wave [A] could end as a five-wave impulse (1)-(2)-(3)-(4)-(5) at a level around 1.070 marked by correction (B). Therefore, the price should be moving in sub-waves (4)-(5) to the indicated level. One could enter buy trades in the current situation.
Trading plan for XRPUSD today:
Buy 1.000, TP 1.070
Elliott wave Ethereum analysis
The most recent ETHUSD chart section displays the descending corrective trend currently unfolding as a double zigzag (W)-(X)-(Y). The first two sub-waves must have completed, the motive wave (W) and the counter linking wave (X). There is forming the final wave (Y), which could be a simple zigzag A-B-C, like sub-waves (W) and (X). The bullish correction B must have completed, and the price could be declining in the final wave C to a level of 3860.00. At this level, wave (Y) will be 76.4% of wave (W).
Trading plan for ETHUSD today:
Sell 4437.32, TP 3860.0
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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.