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 crypto pairs are expected to continue trading up in the near time.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
The Bitcoin price is forming an ascending impulse wave (C), which started developing upon completion of triple zigzag (B). The impulse wave (C) includes sub-waves 1-2-3-4, and the ultimate sub-wave 5 is still unfolding. Level 49991.00 is supposed to be the bulls’ target. It’s there that the sub-wave 5 and the whole impulse wave (C) might fully form. In that scenario, long positions can be considered.
Trading plan for BTCUSD for today:
Buy 45713.50, TP 49991.00
Elliott Wave analysis for Ripple
We see the ultimate sub-wave C of an ascending linking wave (X) on the H1 chart. The wave C is a 5-wave bullish impulse [1]-[2]-[3]-[4]-[5]. The first four parts of that formation have been completed, and the final fifth part — sub-wave [5] — is forming at the moment. The price is likely to slightly correct in sub-wave (4) in the near time and then resume surging in wave (5) to the level of 1.1400. In that scenario, long positions should be considered.
Trading plan for XRPUSD for today:
Buy 1.014, TP 1.400
Elliott Wave analysis for Ethereum
The market started forming a bullish impulse (1)-(2)-(3)-(4)-(5) upon completion of a descending corrective wave [B]. The ultimate fifth wave is developing as an impulse, too. Sub-waves 1-2-3 might have already formed, so sub-waves 4 and 5 are expected to push above the level of 3280.00, marked by impulse 3. Consider going long in the current situation.
Trading plan for ETHUSD for today:
Buy 3178.36, 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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