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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 scenario in which the correction (4) is a triangle did not work out. This correction took the shape of a double three W-X-Y and is currently completed. Thus, the price will soon increase within the last sub-wave (5), which will take the shape of an impulse or an ending diagonal. It is expected to end at the high of 28950.00, marked by impulse sub-wave (3).
Trading plan for BTCUSD today:
Buy 27069.37, Take profit: 28950.00
Elliott wave Ripple analysis
XRPUSD continues to build an upward actionary wave Y as a standard zigzag [A]-[B]-[C]. Now the last wave [C] is unfolding. Its structure looks like the impulse (1)-(2)-(3)-(4)-(5). The market is developing a corrective wave (4). It will end as a double three W-X-Y at the low of wave W, near the level of 0.412. Then expect the price to rise in sub-wave (5) to a high of 0.490.
Trading plan for XRPUSD today:
Sell 0.481, Take profit: 0.412
Elliott wave Ethereum analysis
The last section of the ETHUSD chart displays the development of wave A as a bullish impulse. Now its last sub-wave [5], consisting of sub-waves (1)-(2)-(3)-(4)-(5), is unfolding. The price will rise to the level of 1960.00, where the uptrend will end. At this level, wave [5] will be equal to the previous impulse [3]. After reaching the specified level, expect the price reversal and a decline in a bearish correction B.
Trading plan for ETHUSD for today:
Buy 1713.32, Take profit: 1960.00
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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.
