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 impulse decline has started, suggesting we could sell the pair from the current level with Take Profit at 55,479.44.
- ETHUSD: the price is expected to drop in impulse 3 to the low of 2,097.21. Consider selling from the current level with Take Profit at 2,097.21.
- XRPUSD: a new bearish zigzag (A)-(B)-(C) has begun unfolding. Consider short positions with Take Profit at the low of 0.498.
Elliott Wave Analysis for Bitcoin
In the medium term, the BTCUSD crypto-pair may be forming the last part of correction [4] – actionary wave (Y). This wave may develop as a regular zigzag A-B-C. The sideways correction B has most likely formed as flat [A]-[B]-[C]. Thus, the price is falling in the final impulse wave and will likely drop shortly to the low of 55,479.44 in subwave [3].
Trading plan for BTCUSD for today:
Sell 61,397.28, Take profit: 55,479.44
Elliott Wave Analysis for Ripple
The XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has presumably formed, and the first part of the actionary wave [Z] may be unfolding at the moment. Wave [Z] will most likely form as a simple zigzag (A)-(B)-(C), as shown in the chart. The price may drop to the low of 0.498 in the first impulse (A).
Trading plan for XRPUSD for today:
Sell 0.592, Take profit: 0.498
Elliott Wave Analysis for Ethereum
An actionary wave Y is developing as part of correction (B) in the last segment of Ethereum‘s chart. Wave Y is unfolding as a regular three-wave zigzag [A]-[B]-[C]. Its last bearish wave [C] is currently developing, presumably as impulse (1)-(2)-(3)-(4)-(5). Correction (4) may have formed, and the price is currently declining in impulse (5), whose potential structure is outlined by trend lines. The price is expected to drop shortly in impulse 3 to the low of 2097.21.
Trading plan for ETHUSD for today:
Sell 2,474.92, Take profit: 2,097.21
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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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