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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 motive wave (Y) continues unfolding as a double zigzag W-X-Y. The motive wave W is a standard zigzag [A]-[B]-[C]. The upward linking wave X is a double zigzag [W]-[X]-[Y]. The final motive wave is developing as a standard zigzag [A]-[B]-[C], as outlined in the chart. The first bearish wave [A] has completed as an impulse. The price is rising in the correction [B], which should end as a double zigzag (W)-(X)-(Y) at a level of 19640.30.
Trading plan for BTCUSD today:
Buy 19065.00, Take profit: 19640.30
Elliott wave Ripple analysis
The XRPUSD market continues forming the second linking wave XX as a double zigzag [W]-[X]-[Y]. Sub-waves [W] and [X] have completed, and the final sub-wave [Y], like the [W] wave, is developing as a standard zigzag (A)-(B)-(C). Impulse (A) and correction (B) have finished, and the Ripple price should be declining in the impulse wave (C), composed of sub-waves 1-2-3-4-5, to a level of 0.414
Trading plan for XRPUSD today:
Sell 0.470, Take profit: 0.414
Elliott wave Ethereum analysis
The ETHUSD market is forming the down impulse wave (C), as a part of the bearish linking wave [X]. In the (C) impulse, sub-waves 1-2-3-4 completed, and the final wave 5 is currently developing as an impulse [1]-[2]-[3]-[4]-[5], which should complete at a level of 1214.00, marked by impulse 3.
Trading plan for ETHUSD today:
Sell 1281.50, 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.