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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 BTCUSD has completed a shallow upward correction, and the market should continue falling in the bearish impulse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming the descending linking wave [X] as a double zigzag (W)-(X)-(Y). The final bearish motive wave (Y) is currently unfolding as a double zigzag W-X-Y. The upward linking wave X must have completed, and the Bitcoin price should be falling in a zigzag-shaped wave Y. In the short term, the price could rise a little in correction [B] of a smaller degree to a level of 19820.00, where wave [B] will retrace the [A] impulse by 50%.
Trading plan for BTCUSD today:
Buy 19438.50, Take profit: 19820.00
Elliott wave Ripple analysis
The XRPUSD market should continue forming the second linking wave XX as a part of the triple zigzag W-X-Y-XX-Z. Wave XX must be unfolding as a double zigzag [W]-[X]-[Y], with the final wave [Y] developing inside. The [Y] wave should complete at a level of 0.413, marked by the motive wave [W].
Trading plan for XRPUSD today:
Sell 0.530, Take profit: 0.414
Elliott wave Ethereum analysis
The ETHUSD market continues forming the descending linking wave [X] composed of three sub-waves: impulse (A) (it is not visible in the chart), zigzag-shaped correction (B), and impulse (C), currently developing. The horizontal correction 4 has completed within the (C) impulse as a double three [W]-[X]-[Y]. The final impulse 5 should complete at a level of 1214.00.
Trading plan for ETHUSD today:
Sell 1320.79, Take profit: 1214.00
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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.