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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 cryptocurrency prices dropped lower than expected. New downside targets have been defined.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The hourly BTCUSD chart displays the bearish wave Y currently unfolding as a standard zigzag [A]-[B]-[C]. There is developing the down impulse wave [C] composed of five sub-waves (1)-(2)-(3)-(4)-(5). Sub-waves (1) and (2) have completed, and wave (3) is still developing. Wave (3) should end at a level of 29075.00, where it will be 200% of sub-wave (1).
Trading plan for BTCUSD today:
Sell 30790.50, Take profit: 29075.00
Elliott wave Ripple analysis
The XRPUSD market is forming the bearish sub-wave Z, the final leg in wave (Y) of a larger degree. Wave Z is unfolding as a double zigzag [W]-[X]-[Y], with the final motive wave [Y] developing inside as a triple zigzag (W)-(X)-(Y)-(XX)-(Z), which is about to end soon. There could be forming the fifth wave in the bearish impulse C, which should finish at a level of 0.436, where waves (Y) and (Z) will be equal.
Trading plan for XRPUSD today:
Sell 0.501, Take profit: 0.436
Elliott wave Ethereum analysis
The hourly ETHUSD chart displays the structure of the bearish wave Z, the final wave of the large zigzag. Wave Z is unfolding as a simple zigzag [A]-[B]-[C], with the [A] impulse and the [B] correction completed inside. The final wave [C] is unfolding as an impulse (1)-(2)-(3)-(4)-(5). The price should be falling in sub-wave (3) to a level of 2043.00, where wave (3) will be 200% of wave (1). Next, the upward correction (4) could start developing, as outlined in the chart. A
Trading plan for ETHUSD today:
Sell 2311.80, Take profit: 2043.00
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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.