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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.
The BTCUSD market reached the previous low hit in early May, and the price continued declining.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming a descending motive wave W as a standard zigzag [A]-[B]-[C]. There is unfolding the final impulse wave [C], with the final wave (5) developing inside. Wave (5) is unfolding as an impulse 1-2-3-4-5. Impulse 3 has completed, and the price should be rising in correction 4. Next, the market will resume declining in sub-wave 5, as outlined in the chart. Wave (5) should end at a level of 22985.00, where it will be 38.2% of impulse (3).
Trading plan for BTCUSD today:
Sell 25680.50, Take profit: 22985.00
Elliott wave Ripple analysis
The XRPUSD chart displays the final part of the motive wave (Y) unfolding as a triple zigzag. The final motive wave Z is developing as a standard zigzag [A]-[B]-[C], which should soon end. There is forming the final impulse wave (5) composed of sub-waves 1-2-3-4-5. The impulse pattern should end at a level of 0.240, where wave (5) will be 38.2% of impulse (3).
Trading plan for XRPUSD today:
Sell 0.330, Take profit: 0.240
Elliott wave Ethereum analysis
The ETHUSD is forming the linking wave (X) as a triple zigzag W-X-Y-XX-Z. The final motive wave Z is developing as a simple zigzag [A]-[B]-[C], which should soon end. The final impulse sub-wave (5) of the [C] impulse is currently unfolding. Wave (5) is developing as an impulse 1-2-3-4-5, which should soon finish at a level of 1200.00, where wave (5) will be 50% of the previous impulse wave (3).
Trading plan for ETHUSD today:
Sell 1356.35, Take profit: 1200.00
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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.