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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 BTCUSD could drop to the previous low hit last week.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD continues forming the zigzag-shaped linking wave [X] composed of three sub-waves (A)-(B)-(C). Sub-waves (A) and (B) have completed, and the bearish wave (C) is currently unfolding as an impulse 1-2-3-4-5. Corrective wave 4 must have completed as a double zigzag [W]-[X]-[Y]. The Bitcoin price should be falling in the final sub-wave 5 to a level of 18120.00, the low marked by the impulse sub-wave 3.
Trading plan for BTCUSD today:
Sell 18670.50, Take profit: 18120.00
Elliott wave Ripple analysis
The XRPUSD is forming the bullish double zigzag W-X-Y. The motive wave W and the linking wave X have completed. The W is a triple zigzag, and the linking wave X is a standard zigzag [A]-[B]-[C]. The final motive wave Y should be unfolding as a zigzag [A]-[B]-[C]. The first impulse wave [A] should end at a level of 0.519.
Trading plan for XRPUSD today:
Buy 0.423, Take profit: 0.519
Elliott wave Ethereum analysis
The ETHUSD market is falling in the impulse wave (C), composed of five sub-waves 1-2-3-4-5. The first three legs of the impulse must have completed, and a complex corrective wave 4 has finished as a double zigzag [W]-[X]-[Y]. The Ethereum price should be declining in the final sub-wave 5 to a level of 1185.00, where wave (C) will be 100% of the (A) impulse.
Trading plan for ETHUSD today:
Sell 1277.03, Take profit: 1185.00
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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.
