Short-term Analysis for BTCUSD, XRPUSD, and ETHUSD for 04.11.2024

Dear readers,

I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.

The article covers the following subjects:

Highlights and key points

  • BTCUSD: A bearish trend has started developing. Short positions can be opened from the current level with Take Profit at 58,789.86.
  • XRPUSD: A downward impulse 3 is forming. Consider short positions with Take Profit at 0.426.
  • ETHUSD: The price has begun declining in a new wave. Consider selling from the current level with Take Profit at 2,768.70.

Elliott Wave Analysis for Bitcoin

BTCUSD is forming a global double zigzag (W)-(X)-(Y). The first actionary wave (W) is completed. The linking wave (X) is likely formed as a double zigzag W-X-Y. The first part of the actionary wave (Y) is presumably unfolding at the moment. This wave will likely develop as a regular zigzag A-B-C. A bearish wave A has started unfolding and may end in the form of impulse [1]-[2]-[3]-[4]-[5], as shown in the chart. The price may drop to a low of 58,789.86, marked by correction [B].

Trading plan for BTCUSD for today:

Sell 68,857.10, Take profit: 58,789.86


Elliott Wave Analysis for Ripple

The XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has already formed, and the first part of actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. Its bearish impulse wave (A) is likely completed, and the price has corrected in wave (B), which is a double zigzag W-X-Y. The first part of a new bearish impulse (C) is developing in the last segment of the chart. The price is expected to drop to a low of 0.426 within impulse (C), where an impulse subwave 3 may end.

Trading plan for XRPUSD for today:

Sell 0.499, Take profit: 0.426


Elliott Wave Analysis for Ethereum

Ethereum continues forming a bearish impulse wave [C] of (B). The first three parts of impulse [C] are fully formed. Correction (4) is likely completed as a contracting triangle, made of subwaves A-B-C-D-E. The last bearish wave (5) is forming in the last segment of the chart, potentially as an impulse. The price is projected to drop to 2,091.91 within that impulse. That’s the previous low marked by subwave (3). Consider short positions in this situation.

Trading plan for ETHUSD for today:

Sell 2,461.35, Take profit: 2,091.94


P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
  • Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance

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 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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    Altria (MO) Stock Forecast for 2024, 2025-2026, and Beyond

    Altria Group, Inc. is facing declining cigarette sales and significant regulatory pressure, forcing the company to aggressively develop smoke-free products. The company’s revenue grew 1.3% to $5.34 billion in the…

    Tesla (TSLA) Stock Forecast for 2024 and Beyond

    Tesla Inc. is one of the largest U.S. corporations and a global leader in electric vehicle design and electricity generation and storage, thanks to its resilient business strategies and innovation.…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Oil prices ease on fears of higher output, sluggish demand

    • November 14, 2024
    Oil prices ease on fears of higher output, sluggish demand

    Asia FX weak as dollar surges to 1-year high on sticky inflation; Powell awaited

    • November 14, 2024
    Asia FX weak as dollar surges to 1-year high on sticky inflation; Powell awaited

    Oil prices muted after mixed US inventory data; more demand cues awaited

    • November 14, 2024
    Oil prices muted after mixed US inventory data; more demand cues awaited

    Oil prices edge down, forecasts for higher oil output, weak demand growth weigh

    • November 14, 2024
    Oil prices edge down, forecasts for higher oil output, weak demand growth weigh

    Japan planning $87 billion extra budget to fund stimulus package, paper says

    • November 13, 2024
    Japan planning $87 billion extra budget to fund stimulus package, paper says

    Oil rebounds slightly on short-covering as strong dollar caps gains

    • November 13, 2024
    Oil rebounds slightly on short-covering as strong dollar caps gains