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:
Major Takeaways
- BTCUSD: Bullish momentum continues.
- XRPUSD: The price is expected to rise in impulse [C]. Consider long positions with Take Profit at a high of 1.250.
- ETHUSD: The price continues to rise. Consider buying from the current level with Take Profit at 3,558.90.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a triple zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have already formed. Subwaves of a smaller degree 1 and 2 also look complete. Subwave 3 is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Its correction [4] is likely forming as a triangle (A)-(B)-(C)-(D)-(E). Once it’s completed, the price may continue growing in impulse [5] to 96,000.00. At that level, the size of wave 3 will be 200% of wave 1.
Trading Plan for BTCUSD for Today:
Buy 90,601.59, Take profit: 96,000.00
Elliott Wave Analysis for Ripple
The XRPUSD chart presents a breakdown of a large correction pattern – zigzag [A]-[B]-[C]. We can see the final part of the completed impulse wave [A]. The corrective wave [B] is formed as a zigzag (A)-(B)-(C). A bullish wave [C] may be developing as an impulse (1)-(2)-(3)-(4)-(5) in the last segment of the chart. Apparently, its subwaves (1)-(2)-(3) have already formed. Following a slight pullback in correction (4), the price is projected to continue growing in subwave (5) to a high of 1.250, marked by subwave (3).
Trading Plan for XRPUSD for Today:
Buy 1.115, Take profit: 1.250
Elliott Wave Analysis for Ethereum
A complex correction (B) is presumably formed as a double zigzag W-X-Y in Ethereum‘s chart. The first part of a new bullish wave has started developing, potentially as an impulse [1]-[2]-[3]-[4]-[5]. Its first subwave [1] is a leading diagonal (1)-(2)-(3)-(4)-(5). Then, the price corrected in a zigzag-shaped subwave [2]. So, the price is now growing in the third impulse subwave and may reach a peak of 3,534.34, marked by correction [B], or even higher. At that level, the size of subwave [5] will be 50% of subwave [3]. Consider long positions.
Trading Plan for ETHUSD for Today:
Buy 3,110.68, Take profit: 3,534.34
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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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