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: The price is likely correcting in subwave 4. Consider short positions from the current level with Take Profit at 99,846.86.
- XRPUSD: The bullish impulse continues forming. Consider long positions with Take Profit at 3.881.
- ETHUSD: The price may decline in correction [2]. Consider selling from the current level with Take Profit at a low of 3,132.61.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed. Impulse (3) and sideways correction (4) are likely completed, too. Wave (4) has formed as flat A-B-C. Thus, the chart shows the first part of subwave (5) unfolding. It could become an impulse. Correction 4, which may form as a simple zigzag [A]-[B]-[C], is expected to end soon, potentially near the previous low of 99,846.86.
Trading Plan for BTCUSD for Today:
Sell 105,810.72, Take profit: 99,846.86
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). The powerful impulse subwave (3) is presumably in progress, within which subwaves 1-2-3 are potentially completed. The corrective wave 4 is likely formed as a double zigzag. The impulse wave 5 may be developing at the moment, and its subwaves [1]-[2] are probably complete. The price is projected to continue rising in impulse [3] to around 3.881. At that level, subwave (5) will be equal to subwave (3).
Trading Plan for XRPUSD for Today:
Buy 3.171, Take profit: 3.881
Elliott Wave Analysis for Ethereum
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ETHUSD‘s H4 chart shows that wave (C) is likely developing as impulse 1-2-3-4-5 within the actionary wave [Y]. Its subwaves 1 and 2 — a leading diagonal and zigzag [A]-[B]-[C] — have formed. Impulse 3 and correction 4, formed as zigzag [A]-[B]-[C], also look complete. The first part of a new bullish wave 5, which may form as an impulse, is developing in the last part of the chart. Subwave [1], the first part of wave 5, is complete. The price may be correcting in subwave [2], expected to end near a low of 3,132.61.
Trading Plan for ETHUSD for Today:
Sell 3,312.27, Take profit: 3,132.61
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
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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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