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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
BTCUSD continues to form a large actionary wave (W). The most recent chart section displays the formation of impulse wave [5], which is part of impulse C. Correction (4) and impulse (5) are required to complete the wave [5]. They are expected to end at level of 28030.40, where wave [5] will be equal to impulse [3]. An approximate trajectory of the Bitcoin future price movement is outlined in the chart.
Trading plan for BTCUSD today:
Buy 24823.77, Take profit: 28030.40
Elliott wave Ripple analysis
The XRPUSD market continues to form the actionary wave Y as the zigzag [A]-[B]-[C]. Corrective wave [B] has a complex internal structure of the triple zigzag (W)-(X)-(Y)-(X)-(Z). Shortly expect a downward movement in a sub-wave [5]. It may take the shape of a final diagonal and complete the correction [B] near the level of 0.330. At this level, the correction [B] will reach the 76.4% Fibonacci level of the previous impulse [A].
Trading plan for XRPUSD today:
Sell 0.371, Take profit: 0.330
Elliott wave Ethereum analysis
Ethereum continued to grow. The impulse wave A, which consists of five main sub-waves [1]-[2]-[3]-[4]-[5], continues unfolding. Now its final impulse sub-wave [5] (or rather its last fifth sub-wave) is unfolding. The price in sub-wave (5) will rise to the level of 1817.00. At this level, wave [5] will reach the 76.4% Fibonacci level of the impulse wave [3]. In the current situation, consider opening long trades.
Trading plan for ETHUSD for today:
Buy 1711.09, Take profit: 1817.00
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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.
