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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.
Each cryptocurrency at smaller wave levels completed corrective fourth waves as double zigzags.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The most recent BTCUSD chart section displays the formation of a wave (W), which serves as the initial part of a potential double zigzag. Wave (W) may soon be unfolded as a standard A-B-C zigzag. Impulse A and correction B are completed, while impulse C is still under construction. Sub-waves [1]-[2]-[3]-[4] are formed within impulse C. Corrective sub-wave [4] looks like a double zigzag (W)-(X)-(Y). Thus, shortly the price growth is expected within the final sub-wave [5] towards the level of 22845.00.
Trading plan for BTCUSD today:
Buy 20343.50, Take profit: 22845.00
Elliott wave Ripple analysis
The XRPUSD market shows that the linking wave XX has been completed. Later, the construction of a new zigzag consisting of sub-waves [A]-[B]-[C] began. Now the first sub-wave [A] is unfolding as the leading diagonal, judging by the internal structure. This diagonal will be completed near the 0.494 level, marked by a minor correction 4. Then the price may correct within the bearish wave [B], as shown in the chart.
Trading plan for XRPUSD today:
Buy 0.456, Take profit: 0.494
Elliott wave Ethereum analysis
The most recent ETHUSD chart section shows the price rising within the impulse (A). This impulse serves as the initial part of a new bullish zigzag. Wave (A) is composed of five sub-waves 1-2-3-4-5, two of which are completed. Wave 3 will end around the high of 1662.15, marked by an impulse sub-wave [3] of a smaller degree. An approximate future price movement is shown on the chart.
Trading plan for ETHUSD today:
Buy 1549.21, Take profit: 1662.15
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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.
