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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 cryptocurrency market is following the earlier suggested scenario. Let us study the chart of each pair in detail.
The article covers the following subjects:
Elliott wave Bitcoin analysis
About a month ago, the market finished forming the impulse down wave . Next, the BTCUSD started following the corrective wave , unfolding as a regular zigzag (A)-(B)-(C). Corrective wave (B) of this zigzag seems to have completed as a double zigzag W-X-Y. The price is rising in the upward wave (C). Over the next few days, the market should continue growing in waves 3-4-5 to a level of 44500.00. At this level, wave  will retrace wave  by 50%. One could enter purchases in the current situation.
Trading plan for BTCUSD today:
Buy 40467.40, TP 44500.00
Elliott wave Ripple analysis
The XRPUSD market must be forming a long-term descending double zigzag (W)-(X)-(Y). There is now unfolding the linking wave (X) as a regular zigzag A-B-C. Impulse A and corrective wave B have already completed, and the final impulse wave C has just started developing. There should be developing sub-waves --, as it is outlined in the chart. The price could go up to a level of 1.153, where wave (X) will be 38.2% of wave (W). One could enter buy trades in the current situation.
Trading plan for XRPUSD today:
Buy 0.889, TP 1.153
Elliott wave Ethereum analysis
The ETHUSD market continues forming corrective wave 2 as a simple zigzag [A]-[B]-[C]. The market seems to have completed forming the horizontal corrective wave [B] as a double three [A]-[B]-[C]. Therefore, there should be developing the bullish impulse wave [C], composed of the sub-waves (1)-(2)-(3)-(4)-(5), driving the price to a level of 2930.00. This is the previous high where wave [A] completed. One could enter purchases in the current situation.
Trading plan for ETHUSD today:
Buy 2618.93, TP 2930.00
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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.