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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
Bitcoin has finished building an upward impulse wave [A]. Bearish correction [B] is currently unfolding as a double zigzag (W)-(X)-(Y). The first actionary wave (W) has come to an end. Soon expect growth in the linking wave (X), and then a decline in (Y) toward 33380.40. At this level, correction [B] will be 38.2% of wave [A].
Trading plan for BTCUSD today:
Sell 37467.78, Take profit: 33380.40
Elliott wave Ripple analysis
The XRPUSD market completed the linking wave [X] as a double zigzag (W)-(X)-(Y)-(X)-(Z). The initial part of the new trend is currently unfolding as a zigzag (W)-(X)-(Y) as shown in the chart. Shortly, expect a decline in sub-wave (W) to the price level of 0.559.
Trading plan for XRPUSD today:
Sell 0.642, Take profit: 0.559
Elliott wave Ethereum analysis
Ethereum has completed an upward impulse wave [A]. After this, the price began to decline in the corrective wave [B]. This correction can take the shape of a double zigzag (W)-(X)-(Y). Soon expect a decline in the last sub-wave (Y) in the direction of 1898.70. At the indicated level, correction [B] will be 38.2% of impulse [A]. It is reasonable to enter sales.
Trading plan for ETHUSD for today:
Sell 2054.47, Take profit: 1898.70
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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.