I welcome my readers!
I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
Bitcoin and Ethereum should soon start forming descending sub-waves. Ripple is to continue rising in the final leg of the impulse.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The most recent section of the BTCUSD price chart displays the upward corrective wave 2, likely unfolding as a double zigzag [W]-[X]-[Y]. In the next few hours, this pattern should be completed. Therefore, the Bitcoin price should soon start declining in the third wave to a level below the low of 47000.00, marked by impulse 1.
Trading plan for BTCUSD today:
Sell 59247.00, TP 47000.00
Elliott wave Ripple analysis
The upward impulse wave (1) may not have completed yet. This wave is an element of the impulse wave [3] of a larger degree. There must have finished the descending corrective wave 4 as a double zigzag [W]-[X]-[Y]. Therefore, the Ripple price should be growing in the final sub-wave 5. Wave 5 should conclude wave (1) at a level of around 1.961. That is the level where impulse [1] finished.
Trading plan for XRPUSD today:
Buy 1.600, TP 1.961
Elliott wave Ethereum analysis
The ETHUSD market has continued rising, so the bullish impulse C should finish later than expected. The C impulse could end at a level around 4200.00. Next, the market should turn down and start forming a new bearish trend. Therefore, after level 4200.00 is reached, the price should start declining towards the low of 3352.00, and lower.
Trading plan for ETHUSD today:
Sell 4111.19, TP 3352.00
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Price chart of BTCUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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.
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