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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.
BTC and ETH horizontal patterns have come to an end. Expect a fall in new bearish waves.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The most recent BTCUSD chart section displays the formation of a bearish double zigzag [W]-[X]-[Y]. Horizontal linking wave [X] has been completed as a double three (W)-(X)-(Y). Shortly, expect a bearish trend to appear in wave [Y], within which the price may fall to the level of 14700.00. At the indicated level, wave Y will be 61.8% of the previous wave W.
Trading plan for BTCUSD today:
Sell 16828.43, Take profit: 14700.00
Elliott wave Ripple analysis
The XRPUSD market is building a downward impulse wave C. It started to unfold after contracting triangle B had been completed. Wave C consists of sub-waves [1]-[2]-[3]-[4]-[5]. The final sub-wave [5] is currently unfolding as the impulse (1)-(2)-(3)-(4)-(5). The completion of the last sub-wave (5) is necessary for the formation of the beforementioned impulse. The sub-wave (5) is expected to end near the low of 0.298, marked by the sub-wave (3).
Trading plan for XRPUSD today:
Sell 0.345, Take profit: 0.298
Elliott wave Ethereum analysis
The ETHUSD market is forming a double zigzag Y, consisting of sub-waves [W]-[X]-[Y]. Side linking wave [X] has been completed as a double three. Therefore, soon the price may decrease within the actionary wave [Y] towards the level of 1050.00. The target is determined using the Fibonacci extension. At this level, wave Y will be 50% of wave W.
Trading plan for ETHUSD for today:
Sell 1251.48, Take profit: 1050.00
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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.