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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
Corrective wave [C] has been completed as a triple zigzag. Shortly wave [D], the next wave of the triangle, will start unfolding. The price within wave [D] may fall to the previous low, the level of 16593.33, marked by the linking wave (X). When the downtrend is confirmed, consider opening short trades.
Trading plan for BTCUSD today:
Sell 18154.71, Take profit: 16593.33
Elliott wave Ripple analysis
Ripple has completed the linking wave [X] as a standard zigzag (A)-(B)-(C). Now the market is reversing, and soon a downtrend will start within the actionary sub-wave [Y]. Bears will decline the price to the low of 0.298, marked by the previous actionary wave [W]. In the current situation, consider opening short trades.
Trading plan for XRPUSD today:
Sell 0.374, Take profit: 0.298
Elliott wave Ethereum analysis
ETH price rose higher than previously expected. Perhaps the construction of the impulse wave [C] is fully completed. Thus, soon expect the price to reverse and the bearish wave C to unfold as the impulse, or the ending diagonal. The low of 1234.36 serves as the bears’ first target, where wave X has been completed. In the current situation, consider opening sell trades.
Trading plan for ETHUSD for today:
Sell 1397.70, Take profit: 1234.36
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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.