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.
Most likely, cryptocurrency pairs began to build bullish waves, which can take the form of impulses. Let’s consider the situation for each pair separately.
The article covers the following subjects:
Elliott wave Bitcoin analysis
It is expected that Bitcoin has begun to build the initial part of the bear impulse, which will consist of sub-waves [1] – [2] – [3] – [4] – [5]. It seems that the first sub-wave [1] in the form of an impulse has already come to an end. Then the formation of a corrective wave [2] as an upward simple zigzag (A) – (B) – (C) began. The middle part of this zigzag, that is, wave (B), seems to have taken the form of a double zigzag W-X-Y. Shortly, the price may rise within the bullish impulse (C) to the level of 44500.00. At this level, wave [2] will reach the Fibonacci level of 50% of wave [1].
Trading plan for BTCUSD today:
Buy 35406.00, TP 44500.00
Elliott wave Ripple analysis
Most likely, at the XRPUSD market, the down wave (W) was completed, which took the form of a simple A-B-C zigzag. There should be unfolding the ending part of the zigzag wave of the linking (X), since its first two sub-waves A and B look complete. Thus, if the assumption is correct, then in the near future the price may move in an upward direction within an impulse wave C to the level of 1.153, where wave (X) will reach the Fibonacci level of 38.2% of wave (W).
Trading plan for XRPUSD today:
Buy 0.922 TP 1.153
Elliott wave Ethereum analysis
A similar situation is developing in the ETHUSD market concerning Bitcoin. Now the initial part of the bear impulse is unfolding, as part of which the first part, which is sub-wave 1, was completed. This wave has taken an impulse form. Most likely, a bullish correction [2] is currently unfolding, which is taking the form of a simple zigzag [A] – [B] – [C]. It seems that the market has completed the formation of a double zigzag [B], so expect an impulsive rise in wave [C] in the direction of the level of 3340.00. At this level, wave 2 will be 61.8% of wave 1.
Trading plan for ETHUSD today:
Buy 2341.16, 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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