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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 market is following the suggested scenario. All three cryptocurrencies covered in the article continue forming deep corrections.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD continues forming the impulse down wave [C] composed of five sub-waves (1)-(2)-(3)-(4)-(5). There is developing corrective wave (4) as a double zigzag W-X-Y, with the final wave Y unfolding inside as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The zigzag should end at a level of 32620.00. At the indicated level, wave (4) will be 50% of impulse (3).
Trading plan for BTCUSD today:
Buy 29622.50, Take profit: 32620.00
Elliott wave Ripple analysis
The XRPUSD continues forming the descending impulse wave [C] composed of five sub-waves (1)-(2)-(3)-(4)-(5), where three sub-waves (1)-(2)-(3) have finished. The market is forming the upward corrective wave (4) as a double zigzag W-X-Y, with the final motive wave Y unfolding as a triple zigzag. The entire pattern could finish at a level of 0.492, where wave (4) will be 50% of impulse (3).
Trading plan for XRPUSD today:
Buy 0.406, Take profit: 0.492
Elliott wave Ethereum analysis
The ETHUSD market is forming the final leg of a large bearish zigzag [A]-[B]-[C], wave [C], as an impulse composed of five sub-waves (1)-(2)-(3)-(4)-(5). Сorrection (4) is currently developing as a double zigzag W-X-Y. The final motive wave Y is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Correction (4) should finish at a level of 2173.00, where it will be 38.2% of wave (3).
Trading plan for ETHUSD today:
Buy 1974.54, Take profit: 2173.00
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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.