Crypto currency

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 05.05.2021

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.

Bitcoin and Ripple have started forming bear impulse waves, therefore the prices should be declining.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD continues declining in the bear impulse wave. There have completed sub-waves 1 and 2. Wave 1 is an impulse, correction 2 is double zigzag. After wave 2 had completed, there started the third wave. There have completed two small sub-waves [1] and [2] within wave 3. Therefore, the Bitcoin price should continue declining to a level of 47000.00, the low marked by wave 1.

Trading plan for BTCUSD today:

Sell 54407.00, TP 47000.00

Elliott wave Ripple analysis

The XRPUSD market has started forming the inceptive part of a large bullish impulse. There have completed two sub-waves within the impulse, wave [1] is an impulse, and wave [2] is a simple zigzag. There have finished the sub-waves (1)–(2) within the bullish wave [3]. The price should be rising in the impulse up wave (3) to a level above 1.961, the high marked by wave [1]. So, one could enter buy trades in the current situation.

Trading plan for XRPUSD today:

Buy 1.411, TP 1.961

Elliott wave Ethereum analysis

The ETHUSD cryptocurrency has been forming bullish impulse C for a long time, and this impulse seems to have ended. There could be developing the initial part of the bear trend, with the first impulse down wave unfolding inside. There must have completed two small sub-waves [1] and [2], so the market should be declining in wave [3] to a level below 2730.00, marked by correction [4]. One could enter short positions in the current situation.

Trading plan for ETHUSD today:

Sell 3244.16, 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.

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