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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.
Ripple has completed the corrective pattern, so the price should be rising in the impulse
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market must be forming the initial part of the bear impulse wave. There have completed two sub-waves 1 and 2, so there should be unfolding the third wave as an impulse (1)-(2)-(3)-(4)-(5). The Bitcoin price should be declining to a level of 47000.00 and lower. One could enter sell trades.
Trading plan for BTCUSD today:
Sell 50520.50, TP 47000.00
Elliott wave Ripple analysis
The market should be developing the first part of a large bullish impulse, wave (1). Wave (1) is unfolding as a five-wave impulse composed of the sub-waves 1-2-3-4-5. The market could have finished the deep corrective wave 4 as a triple combination [W]-[X]-[Y]-[X]-[Z], so the Ripple price should rising in the final wave 5 to a level of 1.961, marked by a large wave .
Trading plan for XRPUSD today:
Buy 1.343, TP 1.961
Elliott wave Ethereum analysis
The most recent ETHUSD price chart section displays the diagonal (1)-(2)-(3)-(4)-(5), which must have concluded the global impulse wave C. Next, the price turned down and started declining. There should be developing a new bear trend and the price should go down to a level below 3352.00. Therefore, one could enter a sell trade a the current price with a target at level 3352.00.
Trading plan for ETHUSD today:
Sell 4000.17, TP 3352.00
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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.