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.
Each of the three crypto pairs is forming simple bullish zigzags, which may be completed soon, in the last chart segments.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
Most likely, a new bearish double zigzag is unfolding at the moment, with the first actionary wave [W] formed as its part recently. The wave [W] developed as a simple zigzag (A)-(B)-(C). A bullish linking wave [X] is currently developing and will likely form as a zigzag (A)-(B)-(C). A small impulse (A) and correction (B) look completed, so the price can be expected to grow in the ultimate subwave (C) to 43376.00 in the near time. The size of wave [X] will be 50% of wave [W] at that level.
Trading plan for BTCUSD for today:
Buy 41312.50, Take profit: 43376.00
Elliott Wave analysis for Ripple
Ripple is expected to follow a corrective downtrend which may develop as a double zigzag (W)-(X)-(Y). The first actionary wave (W) formed as a double zigzag W-X-Y. A linking wave (X) is currently developing. It also looks like a double zigzag, W-X-Y, which needs an actionary wave Y to be fully completed. Based on its first part, the wave Y may develop as a zigzag [A]-[B]-[C]. The pair may grow in impulse [C] to a level of 0.822 in the near time, where the size of wave (X) will be 61.8% of the actionary wave (W).
Trading plan for XRPUSD for today:
Buy 0.764, Take profit: 0.822.
Elliott Wave analysis for Ethereum
A downward simple zigzag [A]-[B]-[C] is expected to form in the Ethereum chart. Its first actionary wave [A] is fully completed as a simple impulse. The market is currently in the corrective wave [B], which may form as a bullish simple zigzag (A)-(B)-(C). Its first two subwaves (A)-(B) are probably formed, so the price can be expected to rise in the ultimate impulse subwave (C) to a level of 3311.00, where the size of correction [B] will be 61.8% of the impulse [A].
Trading plan for ETHUSD for today:
Buy 3079.86, Take profit: 3311.00.
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