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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 ETHUSD should be forming descending patterns over the next few days.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming the large linking wave [X] composed of sub-waves (W)-(X)-(Y). The final bearish wave (Y) is currently unfolding as a double zigzag W-X-Y, with sub-waves W and X completed inside. Wave W is a simple zigzag, the linking wave X is a bullish double zigzag [W]-[X]-[Y]. The market is now declining in the motive wave Y, unfolding as a zigzag [A]-[B]-[C]. Impulse [A] must have completed, and the Bitcoin price should be rising in the [B] correction to a level of 19690.46, where wave [B] will retrace the [A] wave by 50%.
Trading plan for BTCUSD today:
Buy 18950.00, Take profit: 19690.46
Elliott wave Ripple analysis
The XRPUSD market is forming the second linking wave XX as a part of the triple zigzag of a larger degree. The XX wave is unfolding as a double zigzag [W]-[X]-[Y]. The motive zigzag-shaped wave [W] and the linking wave [X], as double zigzag (W)-(X)-(Y), have completed. The Ripple market should be forming the descending sub-wave [Y] as a zigzag, which should finish at a level of 0.414.
Trading plan for XRPUSD today:
Sell 0.490, Take profit: 0.414
Elliott wave Ethereum analysis
The ETHUSD is forming the bearish wave [X] as a standard zigzag (A)-(B)-(C). Bullish correction (B) completed in early September, and the Ethereum price has been declining in the bearish impulse wave (C), composed of five sub-waves 1-2-3-4-5. The sideways correction 4 must have completed as a double three. The market is now falling in sub-wave 5 that should finish at a level of 1214.00, marked by impulse 3.
Trading plan for ETHUSD today:
Sell 1269.34, 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.
