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:
Major Takeaways
- BTCUSD: The decline could continue in the actionary wave [Y]. Consider short positions from the current level with Take Profit at 89,129.00.
- XRPUSD: A decline in the final part of the bearish correction is projected. Consider short positions with Take Profit at 1.782.
- ETHUSD: The price may decline to the previous low. Consider selling from the current level with Take Profit at a low of 2,108.56.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. The sideways correction (4) is in progress. It is shaped as the horizontal double three W-X-Y, and the first subwave W is already complete. The sideways correction X has also formed as an expanding triangle. The final wave Y could be in progress. It will likely form as a double zigzag [W]-[X]-[Y] near the previous low of 89,129.00, where wave [D] formed earlier.
Trading Plan for BTCUSD for Today:
Sell 99,262.77, Take profit: 89,129.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). Its large impulse subwave (3) is likely completed, and correction (4) has started unfolding, potentially as flat A-B-C. The price may be declining to 1.782 in impulse C, which consists of subwaves [1]-[2]-[3]-[4]-[5]. That’s the previous low marked by subwave [3].
Trading Plan for XRPUSD for Today:
Sell 2.550, Take profit: 1.782
Elliott Wave Analysis for Ethereum
ETHUSD‘s H4 chart shows that wave (C) is likely developing as impulse 1-2-3-4-5 within the actionary wave [Y]. Its subwaves 1 and 2 — a leading diagonal and zigzag [A]-[B]-[C] — have formed. Impulse 3 also looks complete. The complex correction 4 is currently unfolding, potentially as the double zigzag [W]-[X]-[Y]. Wave [Y] is likely in progress. The price could reach a low of 2,108.56 within wave [Y] and resume growth.
Trading Plan for ETHUSD for Today:
Sell 2,703.16, Take profit: 2,108.56
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
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Price chart of BTCUSD in real time mode
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