I welcome my readers!
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.
All three cryptocurrencies covered in the article should be rising in prices in the near future.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The most recent BTCUSD chart section displays the beginning of the third impulse wave. There has completed only the first leg, impulse [1]. Over the next few days, the price should be rising in the corrective wave [2] towards a level of 55500.00. At this level, wave [2] will reach the Fibonacci level of 76.4% of wave [1].
Trading plan for BTCUSD today:
Buy 45326.73, TP 55500.00
Elliott wave Ripple analysis
The XRPUSD market is forming the long-term correction [B], unfolding as a contracting triangle. This triangle is composed of five waves (A)-(B)-(C)-(D)-(E). The first three legs of the triangle must have completed. There should be unfolding the corrective sub-wave (D) as a double zigzag W-X-Y, where the W wave is a triple zigzag. Wave (D) should end at a level of 1.632, where it will be 76.4% of wave (C) according to Fibonacci retracements.
Trading plan for XRPUSD today:
Buy 1.536, TP 1.632
Elliott wave Ethereum analysis
The ETHUSD market must have completed the global impulse wave C. Next, the market has turned down and started declining. There should be forming the inceptive part of the bear impulse, with sub-waves 1 and 2 completed inside. There has also completed the descending wave [1] as an impulse, followed by a slight price rise. There could be unfolding the upward correction [2], where the price is likely to be rising to a level of 3750.00. At this level, wave [2] should reach the Fibonacci ratio of 61.8% wave [1].
Trading plan for ETHUSD today:
Buy 3478.53, TP 3750.00
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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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