Crypto currency

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 17.05.2021

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 Ethereum may soon start rising in corrective waves.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming a downtrend. There should be forming the initial part of the impulse down wave, with waves 1 and 2 completed inside. Wave 1 is an impulse, wave 2 is a simple zigzag. There should have finished wave of a smaller degree, impulse [1]. This signals that there should start an upward correction [2]. The price should be rising in wave [2] to a level of 55500.00, where it will reach the Fibonacci ratio of 76.4% of wave [1].

Trading plan for BTCUSD today:

Buy 43082.50, TP 55500.00

Elliott wave Ripple analysis

The XRPUSD market is forming a long-term horizontal contracting triangle, composed of the sub-waves (A)-(B)-(C)-(D)-(E). In such kind of triangles, each next wave is smaller than the previous one. So, wave (B) is smaller than wave (A). Wave (C) is smaller than wave (B). There is now unfolding wave (D) which should be smaller than wave (C). Wave (D) is likely to be 76.4% of the previous wave (C). Wave W has completed in wave (D), wave X is bout to finish soon. The market is about to start rising in wave Y to a level of 1.6328, where the entire wave (D) will be 76.4% of wave (C).

Trading plan for XRPUSD today:

Buy 1.385, TP 1.632

Elliott wave Ethereum analysis

The ETHUSD uptrend must have finished. After the red sub-waves 1-2-3-4-5 completed in the blue wave (5), the market has turned down and started forming a new downtrend. The sub-waves 1 and 2 have been completed. Next, there started developing the sub-waves of smaller degree [1] and [2]. Wave [1] has completed, so the market should be rising in the bullish correction [2] to a level of 3750.00, where wave [2] will be 61.8% of impulse [1]. Therefore, one could enter long trades.

Trading plan for ETHUSD today:

Buy 3249.73, TP 3750.00

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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

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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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