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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 is about to complete the triangle pattern. When the triangle finishes, the Ethereum price will resume falling.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market must have completed the large linking wave [X] as a bearish zigzag (A)-(B)-(C) by September 22. The price has turned up and started forming a new bullish corrective trend as a double zigzag (W)-(X)-(Y). The motive wave (W) finished as a simple zigzag A-B-C, and the linking wave (X) is developing as a zigzag. The (X) wave could finish at a level of 18460.00, marked by the A impulse.
Trading plan for BTCUSD today:
Sell 19098.50, Take profit: 18460.00
Elliott wave Ripple analysis
The XRPUSD must be forming the global linking wave (X), unfolding as a triple zigzag W-X-Y-XX-Z. The market should be forming the final part of the linking wave XX, which should finish as a double zigzag [W]-[X]-[Y]. The price could be declining to a level of 0.413, the previous low. The final motive wave [Y] should be developing towards the indicated level. Next, the market should turn up and start forming the bullish wave Z.
Trading plan for XRPUSD today:
Sell 0.436 Take profit: 0.413
Elliott wave Ethereum analysis
The ETHUSD is forming the large double zigzag, with the linking wave [X] developing inside as a standard zigzag (A)-(B)-(C). The impulse (C) is developing now, with sub-waves 4 and 5 forming inside. Corrective wave 4 should soon be ended as a triangle [A]-[B]-[C]-[D]-[E]. Next, the price will continue falling in the final wave 5 to a level of 1150.00, where wave [X] will be 76.4% of wave [Y].
Trading plan for ETHUSD today:
Sell 1283.07, Take profit: 1150.00
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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.