Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 15.08.2022

Dear readers,

I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis. Also, I’ve provided trading recommendations and entry points for each cryptocurrency pair.

The ultimate sub-waves of big triple zigzags are supposed to form for Bitcoin and Ripple. 

The article covers the following subjects:

Elliott Wave analysis for Bitcoin

The BTCUSD crypto pair has formed the ultimate part of a projected double zigzag’s bullish actionary wave [W]. The wave [W] may be completed soon as a triple zigzag (W)-(X)-(Y)-(X)-(Z). The ultimate actionary sub-wave (Z) looks like a double zigzag of a smaller degree W-X-Y. The price is expected to rise to 26375.45 in the sub-wave Y in the nearest time. The sub-wave (Z) size will equal the size of the previous actionary wave (Y) at that level. Once that level is reached, Bitcoin is expected to fall in the linking wave [X].

Trading plan for BTCUSD for today:

Buy 24807.00, Take profit: 26375.45

Elliott Wave analysis for Ripple

We can see the first actionary wave W of a projected double zigzag forming. The wave W looks like a triple zigzag [W]-[X]-[Y]-[X]-[Z], which requires sub-wave [Z] to be complete. This sub-wave can form its pattern — zigzag (A)-(B)-(C) — at around 0.464, where sub-waves [Y] and [Z] will be equal. The nearest buying target is the previous high of 0.408 formed by the sub-wave [Y]. The first impulse sub-wave (A) is expected to form at that level.

Trading plan for XRPUSD for today:

Buy 0.379, Take profit: 0.408

Elliott Wave analysis for Ethereum

A bullish correction [B] is developing for the ETHUSD crypto pair in the form of a double zigzag (W)-(X)-(Y). The price is currently growing in the final actionary wave (Y). That wave can come to its end soon as a regular zigzag A-B-C. The bullish wave C is currently unfolding as a five-wave impulse [1]-[2]-[3]-[4]-[5], as shown in the chart. That impulse can end at around 2209.00, where the size of correction [B] will be 50% of the impulse [A]. 

Trading plan for ETHUSD for today:

Buy 1966.34, Take profit: 2209.00

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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.

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