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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 article covers the following subjects:
Elliott Wave Bitcoin analysis
The BTCUSD market is forming a new bearish trend as a standard zigzag A-B-C. Impulse A and correction B must have completed. There is forming a descending impulse wave C, with the first wave [1] completed inside. The market is being corrected in sub-wave [2], which should drive the price up to a level of 29765.23, where wave [2] will retrace impulse [1] by 61.8%.
Trading plan for BTCUSD today:
Buy 29428.52, Take profit: 29765.23
Elliott wave Ripple analysis
The XRPUSD market has finished the large linking wave (X). There is unfolding a new bearish motive wave as a standard zigzag [A]-[B]-[C]. The first impulse wave [A] is unfolding currently, with sub-waves 1-2-3-4 completed inside. The Ripple price should continue declining in sub-wave 5 towards a level of 0.646.
Trading plan for XRPUSD today:
Sell 0.716, Take profit: 0.646
Elliott wave Ethereum analysis
The ETHUSD market has also completed the large linking wave [X]. A new bearish trend started unfolding as a standard zigzag [A]-[B]-[C]. Impulse [A] and correction [B] must have completed. The price is forming the final wave [C] as a descending impulse, with sub-waves (1)-(2) completed inside. The price should be moving in sub-waves (3)-(4)-(5) towards a level of 1744.61.
Trading plan for ETHUSD for today:
Sell 1877.35, Take profit: 1744.61
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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.
