Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
Bitcoin has likely started a sideways correction.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is expected to decline in subwave C within a projected triangle. Consider short positions from the current level with Take Profit at 93,043.00.
- XRPUSD: The final part of a powerful impulse wave 3 is forming. Consider long positions with Take Profit at a high of 2.581.
- ETHUSD: Momentum growth continues. Consider buying from the current level with Take Profit at 3,825.80.
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 formed. Subwaves 1-2-3 – two impulses and a correction – also look complete. A sideways correction could be forming at the moment, potentially as a triangle [A]-[B]-[C]-[D]-[E], as shown in the chart. A downward wave [C] is expected to form shortly, heading for a level of 93,043.00. Consider short positions.
Trading Plan for BTCUSD for Today:
Sell 96,440.75, Take profit: 93,043.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a breakdown of a bullish impulse that includes five major subwaves: (1)-(2)-(3)-(4)-(5). The first two subwaves have already formed. Impulse 3 – the medium part of a powerful impulse wave (3) – may be currently unfolding. The price will likely rise to 2.581 within impulse 3. At that level, the size of wave [5] will be 123.6% of the previous impulse wave [3], according to Fibonacci ratios. Long positions can be considered in this scenario.
Trading Plan for XRPUSD for Today:
Buy 2.423, Take profit: 2.581
Elliott Wave Analysis for Ethereum
A complex correction (B) has presumably formed as a double zigzag W-X-Y in Ethereum‘s chart. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 are completed. The price is moving within an impulse wave 3, which consists of subwaves [1]-[2]-[3]-[4]-[5]. Correction [4] is likely completed, followed by growth in impulse [5], which will presumably reach a level of 3,825.80. At that level, the size of wave [5] will be 76.4% of wave [3].
Trading Plan for ETHUSD for Today:
Buy 3,680.48, Take profit: 3,825.80
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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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