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: The price has likely started rising within a bullish impulse.
- XRPUSD: The price is growing within correction (B). Consider long positions with Take Profit at 0.591.
- ETHUSD: The final part of the ascending wave X is expected to develop. Consider buying from the current level with Take Profit at 3,062.31.
Elliott Wave Analysis for Bitcoin
BTCUSD may have formed correction [4] as a triple zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart, presumably as impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have already formed. Subwaves of a smaller degree 1 and 2 also look completed. The price is expected to grow soon in subwave 3 to 86,373.27 or even higher. Consider long positions in this scenario.
Trading plan for BTCUSD for today:
Buy 74,796.16, Take profit: 86,373.27
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. The complex correction (B) may be unfolding at the moment and end as a double zigzag W-X-Y. Correction (B) will likely form completely at around 0.591, where its size will be equal to 61.8% of impulse (A) according to Fibonacci lines.
Trading plan for XRPUSD for today:
Buy 0.555, Take profit: 0.591
Elliott Wave Analysis for Ethereum
Apparently, Ethereum‘s price is in a long, complex correction (B) that may form as a triple zigzag W-X-Y-X-Z. Its first three parts are completed. The second linking wave X is currently unfolding as a double zigzag [W]-[X]-[Y], which requires the final subwave [Y] to be fully completed. Subwave (Y) is projected to develop as part of wave [Y]. The price will probably rise to a level of 3,062.31, where the size of wave X will be 50% of actionary wave Y according to Fibonacci lines.
Trading plan for ETHUSD for today:
Buy 2,819.56, Take profit: 3,062.31
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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 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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This post is originally published on LITEFINANCE.
