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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
Bitcoin continues to form correction B as a contracting triangle [A]-[B]-[C]-[D]-[E], as shown in the chart. Now the final actionary wave (Y), which serves as part of the corrective wave [C], is unfolding. It is expected to end around the level of 17900.00. At the indicated level, wave [C] will reach the 76.4% Fibonacci level of wave [B].
Trading plan for BTCUSD today:
Buy 17212.39, Take profit: 17900.00
Elliott wave Ripple analysis
The Ripple market is building a downward actionary wave Z as a double zigzag [W]-[X]-[Y]. The first sub-wave [W] has been completed as a zigzag (A)-(B)-(C). Now the bullish linking wave [X] is unfolding as a zigzag (A)-(B)-(C). Shortly, the final wave (C) may reach the level of 0.362, where it will be 61.8% of the previous impulse wave (A). Then the price may fall within wave [Y] to a low of 0.298.
Trading plan for XRPUSD today:
Buy 0.345, Take profit: 0.362
Elliott wave Ethereum analysis
Ethereum continues to develop correction B, which is part of a larger zigzag wave (Y). Correction B may end as a double zigzag [W]-[X]-[Y]. To complete it, the final sub-wave [Y] is required. The price may rise within sub-wave [Y] to the high of 1355.00, where the first actionary sub-wave [W] has been completed earlier. In the current situation, it is reasonable to open long trades.
Trading plan for ETHUSD for today:
Buy 1323.15, Take profit: 1355.00
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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.