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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 BTCUSD and ETHUSD continue rising. Using the Fibonacci tools, I defined the levels where the price trends should reverse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The hourly BTCUSD chart displays the motive wave [Y] unfolding as a double zigzag (W)-(X)-(Y). Wave (W) is a simple zigzag, wave (X) is a double zigzag, and the final motive wave (Y) is still developing as a triple zigzag, which should be concluded by the Z wave at a level of 51226.00.
Trading plan for BTCUSD today:
Buy 47495.50, Take profit: 51226.00
Elliott wave Ripple analysis
The XRPUSD market is forming a corrective trend. The H1 chart displays the linking upwave XX, with the final leg, sub-wave [Y] completed as a double zigzag (W)-(X)-(Y). There is developing the bearish wave (A), which could drive the price down to a level of 0.816, marked by the linking wave X.
Trading plan for XRPUSD today:
Sell 0.862, Take profit: 0.816.
Elliott wave Ethereum analysis
The ETHUSD chart displays the structure of the upwave [Y] unfolding as a double zigzag (W)-(X)-(Y). The first two sub-waves of the zigzag have completed, and the bullish motive wave (Y) is currently unfolding a double zigzag W-X-Y, like the linking wave (X). The Y wave is currently unfolding as a triple zigzag, which should finish at a level of 3675.00. At the indicated level, wave (Y) will be 161.8% of the (W) wave.
Trading plan for ETHUSD today:
Buy 3403.01, Take profit: 3675.00.
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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.