Short-term forecast for BTCUSD, XRPUSD and ETHUSD 16.10.2023


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 article covers the following subjects:

Elliott wave Bitcoin analysis

The BTCUSD market is forming a large linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking sub-wave [X] has been recently completed. The initial part of wave [Z] is currently unfolding as a standard zigzag, as shown in the chart. Shortly, expect the price to rise to a high of 28600.00.

Trading plan for BTCUSD today:

Buy 27823.01, Take profit: 28600.00

Elliott wave Ripple analysis

Ripple builds a linking wave [X] as a triple zigzag. The first four parts of this pattern have already been completed. The actionary wave (Z) is currently unfolding. The price may rise to 0.544, marked by the previous actionary wave (Y). In the current situation, consider opening long trades.

Trading plan for XRPUSD today:

Buy 0.489, Take profit: 0.544

Elliott wave Ethereum analysis

Ethereum is developing a complex linking wave (X) as a triple zigzag W-X-Y-X-Z. The price decline recently ended in the linking sub-wave X, which serves as a standard zigzag [A]-[B]-[C]. Soon, expect a rise in the actionary wave Z, approximately to the level of 1751.00, which serves as the previous high.

Trading plan for ETHUSD for today:

Buy 1582.31, Take profit: 1751.00

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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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