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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 cryptocurrencies, covered in the article, must be forming new bullish waves that should continue for quite a long time.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market has completed the descending linking wave [X] of a larger degree as a double zigzag (W)-(X)-(Y). The market must be rising in the new upward motive wave [Y] (the chart displays only the beginning of the wave). The initial leg of wave [Y] could be unfolding as a simple zigzag А-В-С. Waves A and B (a small descending zigzag) have completed, and wave C is developing. The Bitcoin price will be rising in the bullish impulse to a level above the previous high of 19690.00, made by the [B] wave.
Trading plan for BTCUSD today:
Buy 19058.00, Take profit: 19690.00
Elliott wave Ripple analysis
The XRPUSD has completed the linking wave XX as a double three [W]-[X]-[Y], where wave [W] is a simple descending zigzag, and wave [X] is a double zigzag. Wave [Y] is also a simple descending zigzag, with wave (B) completed as a skewed triangle inside. The Ripple market must be forming a new bullish wave Z, whose first leg could be unfolding as an impulse. Within this impulse, wave (1) is developing. After wave (1) completed, the market will form a shallow correction (2). Next, the Ripple price will resume rising to a level above the high of 0.462, made by wave (B).
Trading plan for XRPUSD today:
Buy 0.445, Take profit: 0.462
Elliott wave Ethereum analysis
The ETHUSD must have completed corrective wave 2 as a flat [A]-[B]-[C]. The market should start forming the first part of the potential bullish impulse 3, whose structure is not yet visible in the chart. The Ethereum price must be rising in wave 3 over the next few days to a level above the high of 1287.58, made by the [B] wave. One could enter long trades at the current level of 1287.58.
Trading plan for ETHUSD today:
Buy 1287.58, Take profit: 1340.00
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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.
