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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 price continues to rise. Now the final fifth sub-wave of the bullish impulse wave [5] is being formed. It will contribute to the completion of the major impulse C at 24040.00. At this level, wave [5] will be 76.4% of the impulse [3]. After reaching the specified level, expect a fall in the linking wave (X). In the current situation, consider opening long trades placing take profit when the impulse [5] ends.
Trading plan for BTCUSD today:
Buy 23134.45, Take profit: 24040.00
Elliott wave Ripple analysis
The last section of the XRPUSD chart displays the development of a new zigzag (A)-(B)-(C). It can contribute to the formation of the actionary wave [Y] to the level of 0.557. The approximate structure of this zigzag is displayed in the chart. The first impulse wave (A) is expected to end around the level of 0.468.
Trading plan for XRPUSD today:
Buy 0.412, Take profit: 0.468
Elliott wave Ethereum analysis
The ETHUSD market is constructing an upward impulse wave C, the final one in the unfolding zigzag (Y). Wave C consists of sub-waves [1]-[2]-[3]-[4]-[5]. Now the middle sub-wave [3] is unfolding as an impulse (1)-(2)-(3)-(4)-(5). It is expected to end around the level of 1802.00. Then expect a slight decrease in the correction [4], followed by the development of the sub-wave [5]. A possible future price movement is shown in the chart.
Trading plan for ETHUSD for today:
Buy 1613.51, Take profit: 1802.00
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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.