Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (5 July 2021)
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I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
The BTCUSD, XRPUSD, and ETHUSD cryptocurrency pairs are forming bullish waves as leading diagonals, which should finish soon.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD pair must have completed forming the long-term descending wave [A] as a five-wave impulse. Next, the market has started moving up in the initial part of the corrective wave. There should be forming the first wave of the bullish zigzag, wave (A). Wave (A) could be a leading diagonal 1-2-3-4-5; it should end soon. The price should go up to a level of 38100.00, marked by wave . After that, it could start declining.
Trading plan for BTCUSD today:
Buy 35379.50, TP 38100.00
Elliott wave Ripple analysis
The XRPUSD pair must have finished the first motive wave (W), which is a part of a large bullish double zigzag. After that, the market has started forming the beginning of the new bullish zigzag A-B-C. The fist wave A should be unfolding as a leading diagonal. The diagonal should end at a level of 0.760. Next, the price should start declining in the bearish correction B, as is outlined in the chart.
Trading plan for XRPUSD today:
Buy 0.695, TP 0.760
Elliott wave Ethereum analysis
The ETHUSD, like the BTCUSD, finished the long-term descending wave A as an impulse. Next, the market has started forming the beginning of the bullish correction. There is likely to be forming zigzag [A]-[B]-[C]. The first wave [A] is about to end soon as a leading diagonal. The price should be growing to a level of 2420.00. Next, there should start correction [B] as is outlined in the chart.
Trading plan for ETHUSD today:
Buy 2326.04, TP 2420.00
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Price chart of BTCUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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.