Home Market Short-term forecast for BTCUSD, XRPUSD and ETHUSD 31.05.2022

Short-term forecast for BTCUSD, XRPUSD and ETHUSD 31.05.2022


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.

The market could be following an alternative scenario of a price rise. The scenario suggesting the triangle might have been irrelevant.

The article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD previously suggested scenario of a long-term triangle pattern has been cancelled. The market seems to be going according to an alternative scenario, according to which, the (B) correction might have finished. The market has formed wave 1 as a bullish leading diagonal and corrective wave 2 as a double three [W]-[X]-[Y]. Impulse wave (3) should be forming, driving the price to a level of 36000, marked by corrective wave 4 of a smaller degree in the left part of the chart.

Trading plan for BTCUSD today:

Buy 31533.50, Take profit: 36000.00

Elliott wave Ripple analysis

The (Y) wave must have completed as a triple zigzag W-X-Y-X-Z. The chart displays the final leg of the zigzag, wave Z. Next, the market has formed an ascending impulse (1) and a descending correction (2) as a double three W-X-Y. The market is rising in a new bullish impulse, whose initial part is composed of sub-waves 1-2-3 displayed in the chart. Wave 1 must have finished, and a short descending correction 2 is developing. When wave 2 completes, the price will be rising in wave 3 to a level above 0.534, the high marked by corrective wave 4 of a smaller degree.

Trading plan for XRPUSD today:

Buy 0.413, Take profit: 0.534

Elliott wave Ethereum analysis

The ETHUSD market has completed a long-term downtrend, whose final wave Z is a standard zigzag composed of sub-waves [A], [B], and [C]. Wave [C] has completed as an impulse (1)-(2)-(3)-(4)-(5). There is unfolding upward wave [1] composed of sub-waves 1-2-3-4-5. The Ethereum price should be rising in the bullish impulse to a level of 2440.00, the high marked by correction 4 of a smaller wave degree.

Trading plan for ETHUSD today:

Buy 1967.93, Take profit: 2440.00

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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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