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 correction continues. The price may decline to a low of 100,408.78. Consider sales with Take Profit at 100,408.78.
- XRPUSD: the bearish correction (X) is expected to end near a low of 2.060. Short positions can be considered, with a target of 2.060.
- ETHUSD: A decline is expected in correction wave 4 within impulse wave (A), toward the 2,306.45 low. Consider shorts with Take Profit at 2,306.45.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, we see the final segment of a large impulse wave (1)-(2)-(3)-(4)-(5), which is nearing completion. Within subwave (5), correction 4 may be forming as a double zigzag [W]-[X]-[Y]. The final actionary subwave [Y] is expected to complete near the previous low of 100,408.78, where subwave [W] had previously ended.
Trading Plan for BTCUSD for Today:
Sell 104,168.38, Take profit: 100,408.78
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Correction (4) may currently be in progress. It has a complex structure of a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely unfolding, and it appears to be forming as a double zigzag [W]-[X]-[Y]. Its first actionary wave [W] looks complete, and the linking wave [X] is now developing. The linking wave (X) may be forming at a lower wave degree, with its completion expected near the 2.060 low.
Trading Plan for XRPUSD for Today:
Sell 2.109, Take profit: 2.060
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of the second section of the large correction (4). It may take the form of a double zigzag W-X-Y. The final actionary wave Y is currently unfolding as a double zigzag [W]-[X]-[Y]. The price is most likely moving within the linking wave [X], which appears to be developing as a zigzag (A)-(B)-(C). It’s quite possible that the price is currently rising in the first impulse (A). Correction 4 may be forming at a lower wave degree, with its completion expected near the 2,306.45 low.
Trading Plan for ETHUSD for Today:
Sell 2,515.60, Take profit: 2,306.45
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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