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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 article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming an actionary wave (W). It will take the shape of a standard A-B-C zigzag. Impulse wave A and bearish correction B have been completed as a double zigzag [W]-[X]-[Y]. Now the last upward wave C is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Correction [4], which is a double zigzag (W)-(X)-(Y) has ended. Therefore, shortly the market will rise in the sub-wave [5] towards the level of 22845.00.
Trading plan for BTCUSD today:
Buy 20309.50, Take profit: 22845.00
Elliott wave Ripple analysis
The XRPUSD market is building the initial part of the zigzag [A]-[B]-[C], that is, wave [A]. It will take the shape of the leading diagonal (1)-(2)-(3)-(4)-(5), judging by the internal structure. For its completion, the last sub-wave (5) is needed. It will end at 0.494, marked by correction 4. The future price movement is shown on the chart.
Trading plan for XRPUSD today:
Buy 0.454, Take profit: 0.494
Elliott wave Ethereum analysis
The ETHUSD market is constructing the first actionary wave of the bullish standard zigzag, that is wave (A). It is similar to a simple five-wave impulse, composed of sub-waves 1-2-3-4-5. At the moment, the final leg of sub-wave 3 is developing, namely the final sub-wave [5]. There is a possibility that the price within the sub-wave [5] will rise to a high of 1662.15, marked by an impulsive sub-wave [3] of a smaller degree.
Trading plan for ETHUSD today:
Buy 1544.50, 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.
