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:
Highlights and key points
- BTCUSD: The price may fall in correction 4.
- XRPUSD:Β Expect a decline to 0.515 in correction (4). Consider selling from the current level with Take Profit at 0.515.
- ETHUSD:Β Impulse 1 is completed, and a bearish correction 2 is expected to reach around 3411.96. Consider selling with Take Profit at 3411.96.
Elliott Wave analysis for Bitcoin
A large descending corrective wave [4] has formed as a triple zigzag in the BTCUSD‘s chart. A new ascending wave is developing. It may form as impulse (1)-(2)-(3)-(4)-(5), and its first two small subwaves (1)-(2) are presumably completed. A bullish impulse wave (3) may be unfolding at the moment. Subwave 3 has formed as part of impulse (3), and the price may decline in correction 4. The correction will likely be 38.2% of wave 3, so the fall may reach the level of 63986.00.
Trading plan for BTCUSD for today:
Sell 67625.77, Take profit: 63986.00
Elliott Wave analysis for Ripple
Impulse [A], which has started developing after the linking wave XX formed, continues unfolding in XRPUSD‘s chart. Subwaves (1)-(2)-(3) may have formed as its parts. The price is expected to decline shortly in corrective wave (4), whose size may equal 50% of impulse (3). Thus, the price may fall to 0.515. Afterwards, the asset may resume growing.
Trading plan for XRPUSD for today:
Sell 0.584, Take profit: 0.515
Elliott Wave analysis for Ethereum
Ethereum continues developing a new bullish wave after the completion of a complex correction (B). Wave (B) consists of subwaves W-X-Y. An impulse may be currently unfolding, with the first two subwaves 1-2 formed as its parts. The first part of impulse 3 may be developing at the moment. A small subwave 1, an impulse of a smaller degree, has developed recently. The price may slightly decline soon in correction 2 to the level of 3411.96, where its size will equal 76.4% of wave 1.
Trading plan for ETHUSD for today:
Sell 3490.67, Take profit: 3411.96
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Price chart of BTCUSD in real time mode
The content of this article reflects the authorβs 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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