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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.
The cryptocurrency pairs, covered in the article, must have completed bearish triple zigzags, so the prices should be rising in the new bullish waves.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a long-term simple zigzag, with a corrective wave [B] developing inside. The [B] wave could complete as a double zigzag (W)-(X)-(Y). The bearish wave (X) must have finished as a triple zigzag. Therefore, the market should be rising in the final motive wave (Y) to a level above 34700.00, where wave X completed earlier.
Trading plan for BTCUSD today:
Buy 29698.00, TP 34700.00
Elliott wave Ripple analysis
After the motive down wave (W) completed, the market has started forming a new upwave as a double zigzag W-X-Y. Sub-wave W completed as a simple zigzag [A]-[B]-[C]. The down wave X completed as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The market should be rising in the final motive wave Y to a level above 0.655, marked by the linking wave [X].
Trading plan for XRPUSD today:
Buy 0.529, TP 0.655
Elliott wave Ethereum analysis
The ETHUSD is developing a simple descending zigzag, with impulse wave A completed and correction B developing inside. Wave B is likely to have a simple structure. The market seems to have completed the middle leg of the B wave, correction [B] as a triple zigzag. The Ethereum price should be rising in the [C] impulse to the previous high of 2172.00, where the linking wave (X) finished.
Trading plan for ETHUSD today:
Buy 1788.19, TP 2172.00
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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.