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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 BTCUSD must be falling after it reaches the previous high.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is forming the horizontal contracting triangle [A]-[B]-[C]-[D]-[E], with the upward wave [C] unfolding inside as a double zigzag (W)-(X)-(Y). The price could be rising to a level of 45280.00, the high marked by the motive wave (W). After the indicated level is reached, the market will be falling in sub-wave [D]. In the current situation, one could enter buy trades.
Trading plan for BTCUSD today:
Buy 44097.00, Take profit: 45280.00
Elliott wave Ripple analysis
The XRPUSD market is forming a double zigzag, with the bullish linking wave [X], composed of sub-waves (W)-(X)-(Y), completed inside. The Ripple price should be falling in the final sub-wave [Y] unfolding as a descending zigzag (A)-(B)-(C), as outlined in the chart. The first impulse wave (A) could end at a level of 0.738, marked by correction B. The potential structure of the (A) wave, likely composed of sub-waves 1-2-3-4-5, is outlined in the chart.
Trading plan for XRPUSD today:
Sell 0.842, Take profit: 0.738.
Elliott wave Ethereum analysis
The ETHUSD market is forming the linking wave XX as a horizontal contracting triangle [A]-[B]-[C]-[D]-[E]. The bullish wave [C] must have completed as a double zigzag. The Ethereum price should be falling in the [D] wave unfolding as a descending zigzag (A)-(B)-(C), as outlined in the chart. The impulse wave (A) could end at a level of 2815.00.
Trading plan for ETHUSD today:
Sell 3139.96, Take profit: 2815.00.
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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.