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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.
All three cryptocurrency pairs covered in the article should continue declining, so it is still relevant to sell.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The hourly BTCUSD chart displays the descending wave (A) unfolding as a simple five-wave impulse. The corrective wave 4 composed of sub-waves [W]-[X]-[Y] must have completed. The market has started declining in the bearish wave 5. There should be developing sub-waves - to a level of 26060.00, impulse  looks complete. One could enter sell trades in the current situation.
Trading plan for BTCUSD today:
Sell 33167.65, TP 26060.00
Elliott wave Ripple analysis
The XRPUSD market is declining in the impulse wave C composed of sub-waves ----. There is unfolding the final wave . So far, the sub-waves (1)-(2)-(3)-(4) have completed, and the final sub-wave (5) is still developing. The Ripple price is likely to continue falling to a level of 0.560, as is outlined in the chart. Next, there should start a new bull trend. One could enter sell trades in the current situation.
Trading plan for XRPUSD today:
Sell 0.645, TP 0.560
Elliott wave Ethereum analysis
The ETHUSD market continues forming the descending wave (A) as a simple five-wave impulse composed of sub-waves ----. The first four waves must have completed within the (A) wave, and there is unfolding the descending wave . The down impulse wave (3) seems complete. The price should rise a little in correction (4), and then, the market will go down in wave (5), as is outlined in the chart. The entire impulse wave A should end at a level of 1700.00. This is the previous low made by wave . One could enter sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 1985.02, TP 1700.00
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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.