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 Bitcoin and Ethereum prices can be expected to grow and develop bullish impulse subwaves in the coming days.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
A downtrend developing in the BTCUSD chart suggests a double zigzag [W]-[X]-[Y]. Once the bearish wave [W] was completed as a simple zigzag, the price started growing in the linking wave [X]. This wave will likely form as a simple zigzag (A)-(B)-(C), too. Impulse (A) and correction (B) finished forming, and the price is expected to rise in 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 40452.50, Take profit: 43376.00
Elliott Wave analysis for Ripple
The XRPUSD crypto pair is following a corrective downtrend, which may develop as a double zigzag (W)-(X)-(Y), as shown in the chart. The linking wave (X) is currently developing. Its inner structure is complex. Most likely, this wave will form as a double zigzag W-X-Y. The price is expected to grow in the actionary subwave Y to 0.822, where the size of wave (X) will be 61.8% of wave (W).
Trading plan for XRPUSD for today:
Buy 0.729, Take profit: 0.822
Elliott Wave analysis for Ethereum
A bearish simple zigzag [A]-[B]-[C] is forming at the moment, with the first actionary wave [A] completed as a five-wave impulse. The bullish correction [B], which is developing now, can form as a simple zigzag (A)-(B)-(C) at around 3311.00, as shown in the chart. At that level, the size of correction [B] will be 61.8% of impulse [A] as per the Fibo ratios.
Trading plan for ETHUSD for today:
Buy 2998.56, Take profit: 3311.00
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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.