LiteForex:Elliott wave Bitcoin analysis

Elliott wave Bitcoin analysis

　　The BTCUSD market is forming a simple descending zigzag [A]-[B]-[C], with the first wave [A] completed inside as a bearish impulse composed of five major sub-waves (1)-(2)-(3)-(4)-(5). The market is now rising in the upward corrective wave [B] as a double zigzag (W)-(X)-(Y). The first two sub-waves (W) and (X) must have completed, so the price should be rising in the final sub-wave (Y) to a level of 55050.00. At this level, according to the Fibonacci retracements, the [B] wave will be 50% of the [A] wave.

Trading plan for BTCUSD today:

　　Buy 48299.50, TP 55050.00

Elliott wave Ripple analysis

　　The XRPUSD market is forming the down wave (Y), which will conclude the global double zigzag. Wave (Y) is unfolding as a simple zigzag A-B-C, with the first impulse wave A completed inside. There is developing the bullish correction B as a double zigzag [W]-[X]-[Y], where sub-waves [W]-[X] have completed, and the final motive wave [Y] has just started forming. Therefore, the Ripple price should be rising in wave [Y] to a level of 1.052, where wave B will retrace the A wave by 61.8%.

Trading plan for XRPUSD today:

　　Buy 0.812, TP 1.052

Elliott wave Ethereum analysis

　　The ETHUSD market is forming the descending double zigzag W-X-Y, with the first motive wave W completed inside as a simple zigzag [A]-[B]-[C]. There is developing the linking wave X as a double zigzag [W]-[X]-[Y]. The linking down wave [X] must have completed as a double zigzag (W)-(X)-(Y). Therefore, the Ethereum price should be rising in the final motive wave [Y] to a level of 4500.00, marked by the motive wave [W].

Trading plan for ETHUSD today:

　　Buy 3870.99, TP 4500.00

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