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 bearish zigzag (A)-(B)-(C) is 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 is presumably 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 in the last segment of the chart and may drop shortly to the low of 55,479.44 in subwave [3].
Trading plan for BTCUSD for today:
Sell 61,237.17, 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] is currently unfolding. Wave [Z] will 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 0.527, 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 in the form of a regular three-wave zigzag [A]-[B]-[C]. Its last bearish wave [C] is currently developing, presumably as an impulse (1)-(2)-(3)-(4)-(5). Correction (4) may have formed, so 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 2,097.21.
Trading plan for ETHUSD for today:
Sell 2,385.32, Take profit: 2,097.21
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
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.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
