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 declining in impulse wave C to 48,970.00, a level located at the low of A. Short positions can be opened from the current level with a target of 48,970.00
- XRPUSD: the price is falling in the last part of correction (B) – subwave Y. The target is located at the low of W, 0.4258.
- ETHUSD: this crypto pair is also declining. A bearish impulse (5) of [C] is currently developing. The target is at 2,100.00. Consider opening short positions.
Elliott Wave analysis for Bitcoin
Apparently, the BTCUSD continues trending downwards, forming a descending impulse С of (Y) of [4]. The corrective wave [4] is a double zigzag. Its ultimate wave (Y) – a simple zigzag that consists of subwaves А-В-С – is currently developing. The last segment suggests that the corrective wave B has fully formed as a bullish zigzag [A]-[B]-[C], where wave [B] is a skewed triangle. The price is currently falling in impulse wave C to the low of A at 48,970.00. Consider opening a short position.
Trading plan for BTCUSD for today:
Sell: 59,264.62, Take profit: 48,970.00
Elliott Wave analysis for Ripple
The XRPUSD is presumably forming a big bullish zigzag that consists of subwaves (А)-(В)-(С). The chart shows subwaves (А) and (В). The bearish correction (В), which includes subwaves W-X-Y, is unfolding at the moment. Wave X is a simple bullish zigzag [A]-[B]-[C]. That zigzag is fully completed, and the price has started declining in wave Y of (B). The market is expected to continue trending down in wave Y of (B) to 0.4258. Consider opening a short position.
Trading plan for XRPUSD for today:
Sell 0.5664, Take profit: 0.4258
Elliott Wave analysis for Ethereum
The ETHUSD is most likely forming a bearish zigzag [A]-[B]-[C]. The price is currently falling in impulse wave [C], which consists of subwaves (1)-(2)-(3)-(4)-(5). Wave (4) has formed as a bullish zigzag А-В-С. Wave (5) is currently unfolding, with the price approaching the low marked by wave (3). Consider short positions with a target at 2,100.
Trading plan for ETHUSD for today:
Sell 2,464.55, Take profit: 2,100.00
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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
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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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