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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.
Ethereum seems to have finished forming the global impulse wave, so there should soon start a new bear trend.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD is developing the beginning of the impulse down wave. The first leg, wave 1, has completed as a five-wave impulse. The upward corrective wave 2 must have also completed as a double zigzag [W]-[X]-[Y]. If so, there is unfolding a new bearish wave. The price should be declining to a level below the low of 47000.00, marked by wave 1.
Trading plan for BTCUSD today:
Sell 55857.50, TP 47000.00
Elliott wave Ripple analysis
After the corrective down wave  finished, the Ripple price has started rising in the impulse wave, composed of the sub-waves (1)-(2)-(3)-(4)-(5). There has completed impulse 1 made up of the sub-waves 1-2-3-4-5. Correction (2) also seems to have completed. The market should continue rising to a level above the high of 1.961, marked by a large impulse . One could enter purchases in the current situation.
Trading plan for XRPUSD today:
Buy 1.485 TP 1.961
Elliott wave Ethereum analysis
The upward impulse wave C must have completed. Therefore, there is unfolding the initial section of the new bear trend. The ETHUSD market should be moving to a level of 2730.00, marked by correction . Next, the price should continue declining to lower levels. One could enter short positions in the current situation.
Trading plan for ETHUSD today:
Sell 3358.81, TP 2730.00
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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.