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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 and ETHUSD should start bearish waves, and the XRPUSD will continue forming the corrective wave.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market is forming the motive wave W as a standard zigzag [A]-[B]-[C], with the final impulse wave [C] unfolding inside. The first three sub-waves have completed in the [C] impulse, and correction 4 seems to have finished as a triple three [W]-[X]-[Y]-[X]-[Z]. Therefore, the Bitcoin price should be declining in sub-wave 5 to a low of 17550.03.
Trading plan for BTCUSD today:
Sell 22825.50, Take profit: 17550.03
Elliott wave Ripple analysis
The XRPUSD market continues forming the descending wave (Y) as a triple zigzag, with the final motive wave Z developing inside. Wave Z should soon end as a zigzag [A]-[B]-[C]. There is forming the bearish impulse wave [C], with correction (4) developing inside. Correction (4) should end as a standard zigzag at a level of 0.385, the high marked sub-wave A.
Trading plan for XRPUSD today:
Buy 0.363, Take profit: 0.385
Elliott wave Ethereum analysis
The ETHUSD continues forming the linking wave (X), with the final wave Z developing inside as a standard zigzag. Bearish impulse wave [C] must be unfolding within the Z wave. Correction (4) of [C] must have completed as a double zigzag W-X-Y. The Ethereum price should be falling in sub-wave (5) to a low of 875.00.
Trading plan for ETHUSD today:
Sell 1599.25, Take profit: 875.00
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