Dear readers,
Based on the Elliott wave analysis, I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum. Also, I’ve provided trading recommendations and entry points for each cryptocurrency pair.
The three cryptocurrency pairs are enjoying bullish momentum and are likely to reach new highs.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
The ultimate part of the ascending correction [B] — impulse (C) — continues developing. The impulse wave (C) is made of sub-waves 1-2-3-4, and the ultimate sub-wave 5 is developing at the moment. The sub-waves [1]-[2]-[3]-[4] might have fully formed, so the Bitcoin price is expected to grow to the level of 49991.00 in the final sub-wave [5]. In that scenario, long positions can be considered.
Trading plan for BTCUSD for today:
Buy 45786.50, TP 49991.00
Elliott Wave analysis for Ripple
The Ripple price is currently located in the ultimate part of a big linking wave (X), which is building an ascending impulse wave C. Four fifths of wave C have already formed. Have a look at the final sub-wave [5], which is likely to be a simple impulse. Its sub-waves (1) and (2) are completed, and sub-wave (3) is nearing completion. The price is highly likely to rise to 0.913 and then slightly pull back in correction (4), as shown in the chart.
Trading plan for XRPUSD for today:
Buy 0.877, TP 0.913
Elliott Wave analysis for Ethereum
The market continues rising in a bullish impulse wave. Sub-waves (1)-(2)-(3)-(4) have formed for now. Sub-wave (5) is developing at the moment as an impulse as well. Its sub-wave 3 appears to be developing. It includes sub-waves of a smaller degree [1]-[2]-[3]-[4]-[5]. The price will most likely rise to 3280.00 in the ultimate sub-wave [5] and then slightly pull back in corrective wave 4, as shown in the chart.
Trading plan for ETHUSD for today:
Buy 3169.60, 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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