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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 cryptocurrency prices should be falling.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming the motive wave [Y] as a double zigzag (W)-(X)-(Y). The first motive wave (W) completed inside as a standard zigzag A-B-C. 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 impulse to a level of 18460.00.
Trading plan for BTCUSD today:
Sell 20302.50, Take profit: 18460.00
Elliott wave Ripple analysis
The XRPUSD is forming the second linking wave XX as a part of the triple zigzag. The XX wave is developing as a double zigzag [W]-[X]-[Y], with the final wave [Y] unfolding inside as a double combination (W)-(X)-(Y). The pattern should finish at a level of 0.413.
Trading plan for XRPUSD today:
Sell 0.500, Take profit: 0.413
Elliott wave Ethereum analysis
The ETHUSD market continues forming the descending linking wave [X], likely composed of three sub-waves: impulse (A), which is not visible in the current chart, zigzag-shaped correction (B), and impulse (C), which is currently unfolding. Within the (C) wave, the triangle horizontal correction 4 has completed, and the Ethereum price should be 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 1370.15, 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.
