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 decline in zigzag (A)-(B)-(C) could continue. Consider short positions from the current level with Take Profit at 89,129.00.
- XRPUSD: A decline in the final part of the bearish correction is projected. Consider short positions with Take Profit at 1.777.
- ETHUSD: The price may decline to the previous low. Consider selling from the current level with Take Profit at a low of 2,113.13.
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) is shaped as the horizontal double three W-X-Y, and the first subwave W is already complete. The sideways correction X has also formed as an expanding triangle. The final wave Y could be in progress. It will likely form as the double zigzag [W]-[X]-[Y] near the previous low of 89,129.00, where wave [D] formed earlier.
Trading Plan for BTCUSD for Today:
Sell 94,329.91, Take profit: 89,129.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows the bullish impulse (1)-(2)-(3)-(4)-(5). Its large impulse subwave (3) is likely completed, and correction (4) has started developing, potentially as flat A-B-C. The price may be declining to 1.777 in impulse C, which consists of subwaves [1]-[2]-[3]-[4]-[5]. That’s the previous low marked by subwave [3].
Trading Plan for XRPUSD for Today:
Sell 2.366, Take profit: 1.777
Elliott Wave Analysis for Ethereum
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 also looks complete. The complex correction 4 is currently unfolding, potentially as the double zigzag [W]-[X]-[Y]. Wave [Y] is likely in progress. The price could reach a low of 2113.11 within wave [Y] and reverse, resuming growth. The approximate pattern structure is displayed in the chart.
Trading Plan for ETHUSD for Today:
Sell 2,554.92, Take profit: 2,113.11
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
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