Crypto currency

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 03.05.2021

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.

Cryptocurrency pairs continue rising in impulse sub-waves. Let us study the situation for each cryptocurrency in more detail.

The article covers the following subjects:

Elliott wave Bitcoin analysis

In early April, the BTCUSD market has finished forming the bullish impulse (A). There is likely to be forming the initial part of a large bearish zigzag, the first sub-wave, unfolding as an impulse 1-2-3-4-5. There has completed wave 1 as a bearish five-wave impulse. Corrective wave 2 is currently developing as a double zigzag [W]-[X]-[Y]. In the near future, the price should be rising in the (C) wave, which is a part of the [Y] wave, to a level of 60470.00, where wave 2 will be 76.4% of wave 1. Next, bears could drive the price to a level below the low of 47000.00, marked by impulse 1.

Trading plan for BTCUSD today:

Buy 58082.50, TP 60470.00

Elliott wave Ripple analysis

The XRPUSD market is forming a long-term bullish impulse composed of five sub-waves [1]-[2]-[3]-[4]-[5]. The first two parts of this impulse have completed, they are impulse [1] and correction [2]. There is unfolding the initial part of the third impulse wave. The market should be rising in wave 3 of a smaller degree to a level above 1.961. This is the high where large wave [1] finished.

Trading plan for XRPUSD today:

Buy 1.584 TP 1.961

Elliott wave Ethereum analysis

The ETHUSD market continues forming the upward impulse wave C. There is now forming its final impulse wave composed of the sub-waves 1-2-3-4-5. There has recently completed the triangle corrective wave 4 composed of the sub-wave [A]-[B]-[C]-[D]-[E]. Next, the price has resumed rising in impulse wave 5, composed of the sub-waves [1]-[2]-[3]-[4]-[5] of a smaller degree. In the near future, the market should be rising to a level of 3255.00. After that, there could start a new bear trend, as it is outlined in the chart.

Trading plan for ETHUSD today:

Buy 3027.36, TP 3255.00

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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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