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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 prices should continue growing for some time; next, the market will go down.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The Bitcoin price continues rising following the upward corrective wave [B], namely its final sub-wave (C). The (C) wave is an impulse. Let us focus on its final leg, sub-wave 5. Sub-waves --- have completed, and sub-wave (5) of a smaller degree will conclude wave . The Bitcoin price should rise to a level of 51900.00. Therefore, one could open buy positions.
Trading plan for BTCUSD today:
Buy 49577.50, TP 51900.00
Elliott wave Ripple analysis
In the hourly timeframe, The XRPUSD market is forming the upward impulse wave C, which will conclude the linking wave (X) of a larger degree. Wave C is about to finish soon. Sub-waves (1)-(2)-(3)-(4) have completed within wave C, and four sub-waves out of five have formed in sub-wave (5). The Ripple price should continue rising to a level of 1.402. One could consider entering purchases in the current situation.
Trading plan for XRPUSD today:
Buy 1.236, TP 1.402
Elliott wave Ethereum analysis
The hourly timeframe of the ETHUSD price chart displays the structure of the final wave of the global correction B, that is, wave [C]. Wave [C] is a five-wave impulse. There must be forming the final wave 5, which should conclude wave (5) at a level of 3670.00. One could consider entering buy trades with the target at 3670.00.
Trading plan for ETHUSD today:
Buy 3336.13, TP 3670.00
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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.