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I welcome my readers!
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.
Bitcoin and Ethereum continue to decline, which confirms the formation of bearish impulse sub-waves.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market has completed the construction of the corrective wave B as a double three [W]-[X]-[Y]. The last section of the chart shows the beginning of a downward price movement, which may continue in the coming days. The market has begun building impulse wave C. The first target the bears will focus on is the low at 16862.00 marked by the linking sub-wave X.
Trading plan for BTCUSD today:
Sell 17389.69, Take profit: 16862.00
Elliott wave Ripple analysis
XRPUSD continues to construct corrective wave B, which consists 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. The whole wave [Z] can be completed as a double zigzag (W)-(X)-(Y) 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 0.376, Take profit: 0.416
Elliott wave Ethereum analysis
Ethereum is building a bearish A-B-C zigzag in the long term. Corrective wave B, consisting of three main sub-waves [W]-[X]-[Y], has been formed in the beforementioned zigzag. Thus, soon expect the formation of the initial part of the downward wave C. The first target that the bears intend to reach is the low of 1216.00, marked by the linking wave (X).
Trading plan for ETHUSD for today:
Sell 1267.24, Take profit: 1216.00
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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.
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