Elliott wave analysis BTCUSD, XRPUSD and ETHUSD today (2 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 cryptocurrency market should be declining next week.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD market continues forming the fifth wave of the long-term impulse wave [A]. Wave (5) is composed of sub-waves 1-2-3-4-5. The first four parts must have completed. Therefore, there should be developing wave 5. It should end at a level of 28750.00. It is the low marked by the bearish impulse wave 3. One could enter sell trades in the current situation.
Trading plan for BTCUSD today:
Sell 33139.00, TP 28750.00
Elliott wave Ripple analysis
The XRPUSD market is forming the final leg of the zigzag-shaped wave (W). In the final impulse wave C, there is unfolding the bearish impulse (5) of a smaller degree, it is composed of sub-waves 1-2-3-4-5. The corrective wave 4 seems to have completed, and the market is moving down in the descending wave 5. Wave 5 should end at a level of 0.500, the previous low. One could enter sell trades in the current situation.
Trading plan for XRPUSD today:
Sell 0.642, TP 0.500
Elliott wave Ethereum analysis
The ETHUSD market, like the BTCUSD, is forming the final leg in the bearish impulse wave A. The long-term correction (4) must have completed as a bullish double zigzag in impulse . Therefore, there is unfolding the final wave (5), which should end at a level of 1700.00, which is the previous low marked by wave (3). One could enter sell trades in the current situation.
Trading plan for ETHUSD today:
Sell 2049.97, TP 1700.00
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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.