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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.
Most likely, Bitcoin and Ethereum markets began to develop bearish corrective waves. Let us study each cryptocurrency in detail.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The development of a large corrective wave [B] continues. It consists of subwaves (A)-(B)-(C). An upward wave (C) is unfolding in the shape of an impulse 1-2-3-4-5. Currently, it is only half-built. It is assumed that the growth within impulse 3 has ended. Therefore, a corrective decline within wave 4 towards the level of 50111.00 is expected shortly. At this level, wave 4 will be 38.2% of impulse 3. The probability of this event is high.
Trading plan for BTCUSD today:
Sell 55109.00, TP 50111.00
Elliott wave Ripple analysis
After completing the linking wave (X), the market began to decline within a new corrective wave. It is assumed that a W-X-Y double zigzag is unfolding. The current wave W is fully completed as a zigzag [A]-[B]-[C]. Now the bullish linking wave X is developing as a zigzag [A]-[B]-[C]. Most likely, the completion of the impulse wave [C] will be in the zone of ​​1.200. Afterward, the price is expected to fall within wave Y. At level 1.200, wave X will be 61.8% of the wave W, according to the Fibonacci retracements.
Trading plan for XRPUSD today:
Buy 1.068, TP 1.200
Elliott wave Ethereum analysis
The ETHUSD market continues to build corrective wave B in the shape of a simple zigzag [A]-[B]-[C]. Impulse [A] and zigzag corrective wave [B] may have been fully completed. An upward wave [C], which has an impulse structure, is currently unfolding. Most likely, the formation of an upward wave (3) as an impulse has ended. Thus, shortly the price is expected to decline within correction (4) towards level 3200.00. At this level, wave (4) will be 50% of wave (3).
Trading plan for ETHUSD today:
Sell 3543.79, TP 3200.00
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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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