Short-term forecast for BTCUSD, XRPUSD and ETHUSD 17.05.2022

I welcome my readers!

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 pairs covered in the article are forming upward corrective waves as double zigzags.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming a descending correction (B) as a double zigzag. There is developing the bearish motive wave Y as a standard zigzag. So far, impulse [A] and bullish correction [B] have finished. The first three sub-waves (1)-(2)-(3) have completed in the down impulse wave [C]. Correction (4) should continue forming as a double zigzag [W]-[X]-[Y] up to a level of 32641.00, where wave (4) will retrace impulse (3) by 50%.

Trading plan for BTCUSD today:

Buy 29835.00, Take profit: 32641.00

Elliott wave Ripple analysis

The XRPUSD market is forming the bearish motive wave Z as a simple zigzag [A]-[B]-[C] in the hourly timeframe. The final leg [C] is currently unfolding as a five-wave impulse. Sub-waves (1)-(2)-(3) have completed, and the price chart is drawing corrective wave (4) as a double zigzag W-X-Y. Wave (4) should end at a level of about 0.492, where wave (4) will be 50% of wave (3).

Trading plan for XRPUSD today:

Buy 0.426, Take profit: 0.492

Elliott wave Ethereum analysis

The ETHUSD market is forming the down linking wave (X) as a triple zigzag W-X-Y-X-Z. The hourly timeframe displays the down motive wave currently developing as a zigzag [A]-[B]-[C]. Impulse [A] and a zigzag-shaped correction [B] completed. Impulse wave [C] is unfolding with corrective wave (4) developing inside as a double zigzag W-X-Y. Wave (4) should end at a level of 2324.00, where correction (4) will retrace impulse (3) by 50%.

Trading plan for ETHUSD today:

Buy 2037.60, Take profit: 2324.00

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
  • Telegram chat for traders: We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

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.

Rate this article:

value ( count title )

Source link

Leave a Reply

Your email address will not be published.