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: an ascending wave 3 may continue developing.
- XRPUSD: the price is expected to drop in correction [B]. Consider selling from the current level with Take Profit at 0.504.
- ETHUSD: once correction (4) ends, the price may decline in subwave (5). Consider selling with Take Profit at 2810.52.
Elliott Wave analysis for Bitcoin
BTCUSD is likely forming the first part of a bullish impulse wave in the last segment of the chart after having declined in correction [4]. The first impulse subwave (1) is currently unfolding, within which small subwaves 1 and 2 are completed. Subwave 3 is forming at the moment and expected to reach the level of 70864.00, where the size of subwave [5] will be 61.8% of wave [3] according to Fibonacci ratios.
Trading plan for BTCUSD for today:
Buy 69352.19, Take profit: 70864.00
Elliott Wave analysis for Ripple
The XRPUSD crypto pair is forming a bullish zigzag [A]-[B]-[C] in the last segment of the chart. The first impulse subwave [A] looks completed, and correction [B] may be unfolding at the moment. The size of correction [B] will likely be 50% of subwave [A] according to Fibonacci ratios. So, the price may fall to 0.504. Consider short positions in this scenario.
Trading plan for XRPUSD for today:
Sell 0.603, Take profit: 0.504
Elliott Wave analysis for Ethereum
The ETHUSD is presumably forming the last part of a corrective wave (B) – wave Y, which looks like a regular zigzag [A]-[B]-[C]. Its final impulse wave [C] may be developing at the moment. Correction (4) will likely end in the near term, and the price will drop in subwave (5) to the low of 2810.52 marked by impulse [A].
Trading plan for ETHUSD for today:
Sell 3355.71, Take profit: 2810.52
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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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This post is originally published on LITEFINANCE.
