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 expected to decline in the final part of the correction. The recommendation is to open short positions with Take Profit at 97,542.02.
- XRPUSD: The price is correcting within the bearish wave 2. The recommendation is to open short positions with Take Profit at 1.868.
- ETHUSD: Expect a decline within correction 2. Consider selling at the current level with Take Profit at 2,241.34.
Elliott Wave Analysis for Bitcoin
The bullish wave is developing in the last section of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1), (2), (3), and (4) are complete. The impulse wave (5) is currently in progress, within which subwaves 1, 2, and 3 are potentially completed. The third part of the bearish correction 4 — impulse [C] — may be forming now. The price will likely drop to 97,542.02. This level is identified using Fibonacci ratios — at that point, wave 4 would equal 50% of impulse 3.
Trading Plan for BTCUSD for Today:
Sell 102,536.51, Take profit: 97,542.02
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Correction (4) has recently ended as a double zigzag W-X-Y. Currently, the final subwave (5) is unfolding, potentially as a standard impulse 1-2-3-4-5. As of now, subwave 1 has been completed, and the price is currently correcting within subwave 2, potentially declining to 1.868. At that level, the size of correction 2 will be 76.4% of impulse 1 based on Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Sell 2.121, Take profit: 1.868
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of the second section of the large correction (4). It appears to have completed as a double zigzag. The ascending wave (5) is currently in progress, potentially as impulse 1-2-3-4-5. Subwave 1 appears to be a completed impulse [1]-[2]-[3]-[4]-[5]. A corrective wave 2 is forming in the latest section of the chart. It may develop into a standard zigzag [A]-[B]-[C], as shown on the chart. The size of that correction will likely be 38.2% of impulse 1 according to Fibonacci ratios. Thus, expect a decline to 2,241.34.
Trading Plan for ETHUSD for Today:
Sell 2,451.30, Take profit: 2,241.34
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 broker. 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 2014/65/EU.
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