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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 the potential double zigzag (W)-(X)-(Y), with the first motive wave (W) completed inside as a standard zigzag. The bearish linking wave (X) is currently developing as a standard zigzag A-B-C. Correction B must have completed as a double zigzag [W]-[X]-[Y]. The Bitcoin price should be falling in the C wave to a level of 18460.00.
Trading plan for BTCUSD today:
Sell 20146.00, Take profit: 18460.00
Elliott wave Ripple analysis
The XRPUSD is forming the upward linking wave (X) as a triple zigzag W-X-Y-XX-Z. The bearish linking wave XX is currently developing as a double zigzag [W]-[X]-[Y], where wave [Y] is a triple zigzag (W)-(X)-(Y)-(XX)-(Z) of a smaller degree. The pattern should end at a level of 0.413, the low marked by wave [W].
Trading plan for XRPUSD today:
Sell 0.477 Take profit: 0.413
Elliott wave Ethereum analysis
The ETHUSD market is forming a descending impulse (C) that should conclude the linking wave [X] of a larger degree. The (C) wave is composed of five sub-waves 1-2-3-4-5. A sideways correction 4 must have completed as a contracting triangle [A]-[B]-[C]-[D]-[E]. The Ethereum price should continue falling in sub-wave 5 to a level of 1150.00, where wave [X] will be 76.4% of wave [Y].
Trading plan for ETHUSD today:
Sell 1350.33, 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.
