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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 XRPUSD and the ETHUSD could fall to previous lows, made in late September.
The article covers the following subjects:
Elliott wave Bitcoin analysis
After the linking wave [X] finished, the BTCUSD has been forming a new corrective pattern as a triple zigzag (W)-(X)-(Y)-(X)-(Z). So far, sub-waves (W), (X) and (Y) have finished. The second linking wave (X) should be currently unfolding as a double zigzag W-X-Y, and should soon finish. The Bitcoin price should soon finish declining, the market will turn up. The price could go up to the previous high of 20463.40, where sub-waves (Y) and X finished.
Trading plan for BTCUSD today:
Buy 19936.50, Take profit: 20463.40.
Elliott wave Ripple analysis
The XRPUSD is forming a long-term upward corrective trend as a triple zigzag W-X-Y-XX-Z. The second linking wave XX is currently developing as a flat [A]-[B]-[C]. Sub-waves [A]-[B] have completed, and the [C] impulse should be currently forming. The Ripple price could be following the [C] impulse down to a level of 0.413, marked by sub-wave [A].
Trading plan for XRPUSD today:
Sell 0.488 Take profit: 0.413
Elliott wave Ethereum analysis
The ETHUSD is forming the bearish linking wave [X] as a standard zigzag (A)-(B)-(C). The final impulse (C) is unfolding, with sub-waves 1-2-3-4 completed inside. Correction 4 is a double three [W]-[X]-[Y]. The Ethereum price should be falling in the final wave 5 to a level of 1214.80, where impulse 3 finished.
Trading plan for ETHUSD today:
Sell 1351.61, Take profit: 1214.80
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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.
