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 is expected to fall in correction 4.
- XRPUSD: anticipate a corrective move in wave [B]. Consider selling from the current level with Take Profit at 0.548.
- ETHUSD: the final part of a bearish correction (B) is projected to form. Consider selling with Take Profit at 3087.50.
Elliott Wave analysis for Bitcoin
The first part of a new impulse trend may be developing in Bitcoin‘s chart. Subwave (1) looks like an impulse 1-2-3-4-5. A strong impulse subwave 3 is likely completed, and the price is declining in a bearish correction 4. The wave 4 is presumed to develop as a simple zigzag [A]-[B]-[C] and end at around 62197.00 where its size will be 50% of the impulse 3. Consider short positions in this scenario.
Trading plan for BTCUSD for today:
Sell 64297.73, Take profit: 62197.00
Elliott Wave analysis for Ripple
Ripple is presumably forming a new ascending zigzag [A]-[B]-[C]. The first part – wave [A] – is likely completed as an impulse (1)-(2)-(3)-(4)-(5). Correction [B] may be developing as a zigzag (A)-(B)-(C). This correction will likely end near the level of 0.548, where its size will be 38.2% of impulse [A] according to Fibonacci ratios.
Trading plan for XRPUSD for today:
Sell 0.601, Take profit: 0.548
Elliott Wave analysis for Ethereum
Ethereum is presumably forming a bullish zigzag (A)-(B)-(C). Its first impulse wave (A) looks fully completed, and a bearish correction (B) may be unfolding. Its inner structure suggests a double zigzag W-X-Y. Subwaves W and X are likely formed. The price may decline shortly in the final subwave Y to the previous low of 3087.50 marked by subwave W.
Trading plan for ETHUSD for today:
Sell 3179.20, Take profit: 3087.50
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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.
