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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.
Ripple and Ethereum have started unfolding bearish trends, while Bitcoin is still forming a bullish correction.
The article covers the following subjects:
Elliott wave Bitcoin analysis
Bitcoin is forming a correction B as a zigzag [A]-[B]-[C]. The first two sub-waves [A] and [B] have been completed as an impulse and correction, respectively. Now the second part of the impulse [C] is unfolding. Correction (4) and impulse (5) are expected to unfold shortly. These sub-waves will end at the level of 19140.00, where impulse [C] will be 76.4% of impulse [A].
Trading plan for BTCUSD today:
Buy 18852.42, Take profit: 19140.00
Elliott wave Ripple analysis
An ascending linking wave [X] has been completed as a zigzag [A]-[B]-[C]. Shortly expect the development of a new zigzag wave [Y]. An approximate trajectory of Ripple’s future price movement is outlined in the chart. The potential zigzag will end at the level of 0.298. This is the previous low where the actionary zigzag wave [W] has been completed. In the current situation, consider opening short trades.
Trading plan for XRPUSD today:
Sell 0.376, Take profit: 0.298
Elliott wave Ethereum analysis
Large corrective wave B has been completed as a double zigzag [W]-[X]-[Y]. The last section of the chart shows a market reversal. The price will decline, forming an impulse wave C. The low of 1235.00, marked by wave X, serves as the first downside target. After reaching this level, the ETH will continue falling.
Trading plan for ETHUSD for today:
Sell 1411.40, Take profit: 1235.00
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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.