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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 middle sub-wave [C] of the unfolding triangle will be completed as a triple zigzag (W)-(X)-(Y)-(X)-(Z). All actionary sub-waves (W), (X), (Y) serve as standard zigzags. Soon the price will rise within the impulse sub-wave C to the level of 17600.00. At this level, wave [C] will be 61.8% of the previous wave [B]. An approximate trajectory of the Bitcoin future price movement is outlined in the chart.
Trading plan for BTCUSD today:
Buy 17413.37, Take profit: 17600.00
Elliott wave Ripple analysis
The Ripple market has completed the linking wave [X] as a standard zigzag (A)-(B)-(C). Now the market is reversing, and soon a downtrend will begin within the actionary sub-wave [Y]. Bears will again reduce the price to the low of 0.298, marked by the previous actionary wave [W]. In the current situation, it is profitable to consider short trades.
Trading plan for XRPUSD today:
Sell 0.360, Take profit: 0.298
Elliott wave Ethereum analysis
Ethereum is building an upward impulse wave [C]. Sub-waves (1)-(2)-(3)-(4) have been completed within the wave [C]. Shortly, the formation of the sub-wave (5) will continue. It is expected to end around the level of 1355.00, where the actionary wave [W] has been completed earlier. After reaching the specified level, a new bearish trend will begin within wave C. It can take the shape of an impulse or an ending diagonal.
Trading plan for ETHUSD for today:
Buy 1331.35, 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.