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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 ascending wave [5] is unfolding as the impulse (1)-(2)-(3)-(4)-(5). Corrective wave (4) has taken the shape of a double three W-X-Y. Soon the price will rise in the final wave (5) towards the high of 24040.00, marked by impulse wave (3). Then expect the market reversal and the unfolding of a linking wave (X) as shown in the chart.
Trading plan for BTCUSD today:
Buy 22845.96, Take profit: 24040.00
Elliott wave Ripple analysis
The Ripple market continues to form wave [Y] which serves as the final actionary wave in the double zigzag Y. It can be completed as a standard zigzag (A)-(B)-(C). Presumably, wave (A) serves as an initial diagonal, as sideways correction 4, which has the shape of a double three, has gone below the end of the first impulse sub-wave. Shortly, expect the rise of the last sub-wave 5 to the price level of 0.470.
Trading plan for XRPUSD today:
Buy 0.389, Take profit: 0.470
Elliott wave Ethereum analysis
ETHUSD forms impulse C, namely its middle part, sub-wave [3]. Inside it, sub-waves (1)-(2)-(3)-(4) look completed. Correction (4) has a horizontal internal structure and serves as a double three. Shortly, expect growth in the final sub-wave (5), which may rise approximately to the price level of 1872.00.
Trading plan for ETHUSD for today:
Buy 1569.94, Take profit: 1872.00
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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.