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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 BTCUSD is forming a zigzag A-B-C, with the down corrective wave B developing iside as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four subwaves of the zigzag must have completed, and the final zigzag-shaped wave [Z] will soon be concluded by the (C) impulse. The Bitcoin price should drop to a low of 18660.00.
Trading plan for BTCUSD today:
Sell 19311.50, Take profit: 18660.00
Elliott wave Ripple analysis
The XRPUSD market is forming a bullish zigzag, with the first impulse wave [A] unfolding inside. The first two subwaves (1)-(2) have completed, and the Ripple price should be rising in wave (3) to a level above 0.510, the previous high, marked by subwave A, which is a part of the skewed triangle (B).
Trading plan for XRPUSD today:
Buy 0.445, Take profit: 0.510
Elliott wave Ethereum analysis
The ETHUSD market completed the linking wave [X] and is forming the initial part of a potential impulse. Sub-waves 1 and 2 have finished, as well as sub-waves [1]-[2]. The price now continues rising in the new impulse [3] of a smaller degree. The Ethereum price should be rising over the next few days to a level of 1382.00, the previous high, marked by the large corrective wave 4.
Trading plan for ETHUSD today:
Buy 1342.18, Take profit: 1382.00
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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.
