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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 three cryptocurrency pairs covered in the article should start declining in prices. There are developing the final leg of corrective patterns. Let us study each cryptocurrency in detail.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market must be forming an upward double zigzag. The up wave (W) has completed as a simple zigzag A-B-C. There is unfolding the linking wave (X) as a triple zigzag W-X-Y-X-Z. The final sub-wave Z has been half-complete within the zigzag. The price should soon start declining to a level of 31800.00, where wave (X) will reach the 61.8% Fibonacci retracement of wave (W).
Trading plan for BTCUSD today:
Sell 33109.50, TP 31800.00
Elliott wave Ripple analysis
The XRPUSD market must be forming the double zigzag W-X-Y. The first motive sub-wave W has completed. There is unfolding the final leg of the linking wave X, which is developing as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The Ripple price should be declining in the [Z] wave to a level of 0.560, where wave X will retrace the W wave by 76.4%.
Trading plan for XRPUSD today:
Sell 0.627, TP 0.560
Elliott wave Ethereum analysis
The ETHUSD market has started forming a new upward pattern. There must be developing a simple bullish zigzag [A]-[B]-[C]. Wave [A] looks complete. The corrective wave [B] should also finish soon. The Ethereum price should soon be declining in the (C) impulse to a level of 1960.00. At this level wave [B] will be 61.8% of wave [A]. After the above-mentioned level is reached, the market could turn up and start rising.
Trading plan for ETHUSD today:
Sell 2019.52, TP 1960.00
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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.