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: A bearish trend has started developing. Short positions can be opened from the current level with Take Profit at 58,789.86.
- XRPUSD: A downward impulse 3 is forming. Consider short positions with Take Profit at 0.426.
- ETHUSD: The price has begun declining in a new wave. Consider selling from the current level with Take Profit at 2,768.70.
Elliott Wave Analysis for Bitcoin
BTCUSDÂ is forming a global double zigzag (W)-(X)-(Y). The first actionary wave (W) is completed. The linking wave (X) is likely formed as a double zigzag W-X-Y. The first part of the actionary wave (Y) is presumably unfolding at the moment. This wave will likely develop as a regular zigzag A-B-C. Its bearish wave A has started unfolding. It may form as an impulse [1]-[2]-[3]-[4]-[5], as shown in the chart. The price may drop to a low of 58,789.86, marked by correction [B].
Trading plan for BTCUSD for today:
Sell 68,337.24, Take profit: 58,789.86
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 already formed, and the first part of actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. Its bearish impulse wave (A) is likely completed, and the price has corrected in wave (B), which is a double zigzag W-X-Y. The first part of a new bearish impulse (C) is developing in the last segment of the chart. The price is expected to drop to a low of 0.426 within impulse (C) – a level where impulse subwave 3 may end.
Trading plan for XRPUSD for today:
Sell 0.502, Take profit: 0.426
Elliott Wave Analysis for Ethereum
Ethereum continues forming a bearish impulse wave [C] of (B). The first three parts of impulse [C] are fully formed. Correction (4) is likely completed as a contracting triangle, made of subwaves A-B-C-D-E. The last bearish wave (5) is forming in the last segment of the chart, potentially as an impulse. The price is projected to drop to 2,091.91 within that impulse. That’s the previous low marked by subwave (3). Consider short positions in this situation.
Trading plan for ETHUSD for today:
Sell 2,421.07, Take profit: 2,091.94
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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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