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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 BTCUSD and ETHUSD seem to have completed short corrective sub-waves, so the prices should be falling in bearish impulses over the next few days.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming a downtrend. The most recent chart section displays the structure of the new bearish wave, unfolding as an impulse. Sub-waves (1) and (2) may have completed. There is unfolding sub-wave (3), which should end at a level of 33818.00, where wave (3) will be 123.6% of wave (1). An approximate trajectory of the Bitcoin future price movement is outlined in the chart.
Trading plan for BTCUSD today:
Sell 38461.00, Take profit: 33818.00
Elliott wave Ripple analysis
The XRPUSD is forming a descending corrective pattern as a double zigzag [W]-[X]-[Y]. The first two sub-waves [W] and [X] have finished. The final sub-wave [Y] is unfolding as a triple zigzag (W)-(X)-(Y)-(XX)-(Z), with sub-wave (Z) developing inside. The Ripple price should be moving down in sub-wave (Z) to a level of 0.514, where it will be 61.8% of the (Y) wave.
Trading plan for XRPUSD today:
Sell 0.620, Take profit: 0.514
Elliott wave Ethereum analysis
The ETHUSD market is forming the bearish wave as a standard zigzag [A]-[B]-[C], which has started after the bearish linking wave XX finished. In the zigzag, currently unfolding, impulse [A] and correction [B] have completed. There is forming the bearish impulse wave [C], with the sub-waves (1) and (2) completed and wave (3) unfolding inside. Wave (3) should finish around level 2429.00, where it will be 161.8% of wave (1), according to the Fibonacci extensions.
Trading plan for ETHUSD today:
Sell 2837.63, Take profit: 2429.00
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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.