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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 XRPUSD market must be forming the linking wave (X) as a double zigzag. The Ripple price should be rising.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market finished the linking wave X as a double zigzag [W]-[X]-[Y] in late March. There is forming a new double zigzag, with the first sub-wave [W] unfolding inside as a simple zigzag (A)-(B)-(C). Sub-wave (A) is a leading diagonal, wave (B) is a zigzag-shaped correction, both sub-waves have finished. The bearish wave (C) is developing as an impulse 1-2-3-4-5, which should finish at a level of 37500.00, marked by the linking wave (X).
Trading plan for BTCUSD today:
Sell 40069.00, Take profit: 37500.00
Elliott wave Ripple analysis
The XRPUSD market has completed the bullish linking wave XX. The price is now declining in the new corrective pattern unfolding as a double zigzag (W)-(X)-(Y), with the first sub-wave (W) completed inside as a double zigzag W-X-Y. The Ripple price should be rising in the linking wave (X), which could also be a double zigzag W-X-Y. The (X) wave may finish at a level of 0.766, where it will retrace the (W) wave by 38.2%.
Trading plan for XRPUSD today:
Buy 0.712, Take profit: 0.766.
Elliott wave Ethereum analysis
After finishing the linking wave XX as a double combination, the ETHUSD market has been declining in the new corrective pattern unfolding as a simple bearish zigzag [A]-[B]-[C]. The first sub-wave [A] is currently developing as an impulse (1)-(2)-(3)-(4)-(5), with the final sub-wave (5) unfolding inside. The first four sub-waves 1-2-3-4 have completed in wave (5), and the Ethereum price should be following the final sub-wave 5 down to a level of 2808.00, the low made by wave X.
Trading plan for ETHUSD today:
Sell 3046.79, Take profit: 2808.00.
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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.