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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 building a bullish impulse C, which serves as the final one in the actionary wave (W). The corrective wave [4] took the shape of an inclined triangle (A)-(B)-(C)-(D)-(E) within impulse C. Then the price began to rise in the final sub-wave [5]. Bulls aim to reach the previous high at 24283.28, marked by corrective sub-wave (D). In the current situation, consider opening long trades.
Trading plan for BTCUSD today:
Buy 23327.25, Take profit: 24283.28
Elliott wave Ripple analysis
The XRPUSD market is developing a double zigzag (X), or rather its sub-wave Y as a standard zigzag [A]-[B]-[C]. Now the last sub-wave [C] is unfolding. Wave [C], as well as the first sub-wave [A], will take the shape of an impulse (1)-(2)-(3)-(4)-(5), as shown in the chart. Sub-waves (1) and (2) have been completed. Thus, shortly expect the market to rise in impulse (3) to the level of 0.508.
Trading plan for XRPUSD today:
Buy 0.402, Take profit: 0.508
Elliott wave Ethereum analysis
The ETHUSD market is building the wave (Y) as an A-B-C zigzag. To complete it, impulse C is required. Only the first two parts are formed within impulse C, and now the final section of the sub-wave [3] is unfolding. Soon the price will move up in impulse (5) to the level of 1783.20, after which a correction in wave [4] will begin, as shown in the chart.
Trading plan for ETHUSD for today:
Buy 1685.41, Take profit: 1789.20
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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.