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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.
In the ETHUSD market, the final wave of the zigzag correction takes the form of an ending diagonal.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is developing an upward corrective wave [2] as a zigzag (A) – (B) – (C), where (A) is an impulse, and corrective wave (B) has a triangular structure and consists of five sub-waves A-B-C-D-E. A bullish impulse wave C is currently unfolding and may complete its pattern around level 44500.00. At this level, wave [2] will reach the Fibonacci level of 50% of the bear impulse wave [1]. In the current situation, consider entering buy trades.
Trading plan for BTCUSD today:
Buy 37037.50, TP 44500.00
Elliott wave Ripple analysis
The XRPUSD market is unfolding an upward linking wave (X) as part of the bear double zigzag. Wave (X) is likely to take the shape of a simple A-B-C zigzag. Long-term corrective wave B, which has taken the form of a double zigzag [W] – [X] – [Y], looks completed. The XRPUSD market is developing an upward wave C, which may take the form of a simple impulse. It is expected to be completed at the level of 1.153. At this level, wave (X) will reach the Fibonacci level of 38.2% of wave (W).
Trading plan for XRPUSD today:
Buy 0.893, TP 1.153
Elliott wave Ethereum analysis
The ETHUSD market continues forming corrective wave 2. This wave is likely unfolding as a simple zigzag, consisted of green sub-waves [A] – [B] – [C]. The first two parts of this figure are completed, and now the last wave [C] is developing. Wave [C] is an ending diagonal because its fourth wave has gone beyond the end of wave (1). Now the initial part of the wave (5) is unfolding, which may end near the level of 3340.00. At this level, wave 2 will reach the Fibonacci level of 61.8% of wave 1.
Trading plan for ETHUSD today:
Buy 2562.83, TP 3340.00
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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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