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I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
The XRPUSD continues forming a bullish corrective wave. The BTCUSD and the ETHUSD are falling in new zigzag-shaped patterns.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD continues forming the down motive wave Y, which is a part of the double zigzag. The Y wave is also a double zigzag, with the first two sub-waves [W]-[X] completed inside. There is forming the final sub-wave [Y], possibly unfolding as a simple zigzag (A)-(B)-(C). The down impulse wave (A) must have completed. After a short corrective wave (B) completes, the BTCUSD will continue falling in the impulse sub-wave (C) to a level of 34288.00, as outlined in the chart.
Trading plan for BTCUSD today:
Sell 37910.00, Take profit: 34288.00
Elliott wave Ripple analysis
The XRPUSD current chart displays the final part of the linking wave XX. After the XX wave finished, the market has been forming the motive wave Z as a double zigzag [W]-[X]-[Y]. There is unfolding the linking wave [X] as a double zigzag (W)-(X)-(Y), with the final sub-wave (Y) developing inside. The (Y) should finish at a level of 0.829, where the (Y) wave will be 76.4% of (W).
Trading plan for XRPUSD today:
Buy 0.720, Take profit: 0.829.
Elliott wave Ethereum analysis
The ETHUSD continues forming the downtrend as a double zigzag [W]-[X]-[Y]. The first two sub-waves of the pattern have completed. There is developing the motive wave [Y] as a standard zigzag (A)-(B)-(C), like the previous sub-waves. The impulse down wave (A) must have completed, so the price should be rising in corrective sub-wave (B). Next, the market will continue falling in the (C) impulse to the previous low.
Trading plan for ETHUSD today:
Sell 2521.40, Take profit: 2298.00.
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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.