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I have prepared a short-term cryptocurrency forecast based on the Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
All three cryptocurrencies are expected to rise to previous highs.
Elliott wave Bitcoin analysis
The BTCUSD market is building a complex corrective wave B, which consists of three main sub-waves [W]-[X]-[Y]. Sub-waves [W] -[X] are completed, while the last sub-wave [Y] is still unfolding. Wave [Y] will take the shape of a double zigzag (W)-(X)-(Y), where the last leg (Y) also looks like a double zigzag W-X-Y. Growth within the sub-wave (Y) will reach the level of 18120.00. That is, wave [Y] is expected to end at the level marked by wave [W].
Trading plan for BTCUSD today:
Buy 17165.74, Take profit: 18120.00
Elliott wave Ripple analysis
XRPUSD H1 chart shows the construction of a large correction B, consisting of five sub-waves. The first four sub-waves [W]-[X]-[Y]-[X] have already been completed. Now the initial part of the last sub-wave [Z] is unfolding. Wave [Z] may end near the level of 0.416, marked by the second actionary sub-wave [Y]. In the current situation, consider opening long trades.
Trading plan for XRPUSD today:
Buy 0.381, Take profit: 0.416
Elliott wave Ethereum analysis
The ETHUSD market continues to build a large corrective wave B, within which the last sub-wave [Y] is unfolding. Judging by the internal structure, wave [Y] will take the shape of a double zigzag (W)-(X)-(Y). Zigzag (W) and double zigzag (X) have been completed. The last actionary wave (Y) which is currently unfolding is expected to end near the level of 1345.00. This is the high marked by the actionary wave [W].
Trading plan for ETHUSD for today:
Buy 1271.63, Take profit: 1345.00
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The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. 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.