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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.
Ripple must have finished forming the corrective wave, there is developing the initial part of the bearish impulse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
There is forming the final leg of the upward impulse wave 1-2-3-4-5. There is forming wave 5. The upward impulse wave  must have completed, so the price should be declining in wave . The price is likely to go down to level 56938.00. Next, the price will resume rising in wave  to a level of 65000.00. One could enter short trades in the current situation.
Trading plan for BTCUSD today:
Sell 58640.00, TP 56938.00
Elliott wave Ripple analysis
The Ripple price chart must have completed forming the ending diagonal 1-2-3-4-5. Therefore, there is forming the beginning of the bearish wave C, which should be a simple impulse ----. If the presumption is correct, the Ripple price should be declining over the next few days. The price could go down to level 0.472, marked by the corrective wave (2).
Trading plan for XRPUSD today:
Sell 0.549, TP 0.472
Elliott wave Ethereum analysis
After the corrective wave 4 finished in the ending diagonal 1-2-3-4-5, there has started developing the final zigzag [a]-[b]-[c]. Based on the market structure, the first impulse wave [a] of this zigzag must have completed. The Ethereum price should be declining in the corrective wave [b]. The [b] correction should be short and could end at a level of 1752.00. Next, the ETHUSD price should resume growing in the impulse wave [c], as outlined in the chart. One could enter sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 1821.80, TP 1752.00
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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 LiteForex. 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.