Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis. Also, I’ve provided trading recommendations and entry points for each cryptocurrency pair.
Bitcoin may correct down over the next trading session. Ethereum and Ripple are expected to rise slightly and then correct down as well.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
The market continues moving in a large corrective wave [B], which is developing as flat (A)-(B)-(C). The final part of the flat — wave (C) — is forming at the moment. The wave (C) is an impulse made of 5 sub-waves 1-2-3-4-5. The ultimate part of that formation — impulse 5 — is developing now. Three fifths of the impulse 5 have already formed, so there might be a corrective fall in a small corrective wave [4] to 44600 over the next trading session. This situation may suggest short-term selling.
Trading plan for BTCUSD for today:
Sell 45693.00, TP 44600.00
Elliott Wave analysis for Ripple
A powerful bullish impulse is developing on the H1 chart of the crypto pair XRPUSD. It consists of 5 sub-waves. The final part of that impulse — wave [5] — is forming at the moment. The wave [5] is an impulse as well where wave (3) is currently unfolding (marked with the blue numeral). The market is likely to continue pushing above in wave 5 — the ultimate part of the wave (3) — in the next trading days. Thus, the Ripple price may continue surging up to 0.853, and long positions can be opened in the current situation.
Trading plan for XRPUSD for today:
Buy 0.812, TP 0.853
Elliott Wave analysis for Ethereum
The ETHUSD crypto pair is forming a strong bullish impulse, consisting of sub-waves (1)-(2)-(3)-(4)-(5). It’s almost completed. We only need to wait for a green wave [5] to form in a red wave 3 in the final part of the impulse (5), and the whole bullish trend will be fully completed. The wave [5] is expected to end near resistance at 3280 in the short term. Once the price reaches that level, the whole impulse 3 will have formed, and corrective wave 4 will start developing. In the short term, consider opening long positions with a target of 3280.
Trading plan for ETHUSD for today:
Buy 3133.17, TP 3280.00
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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.
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