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 triangle is completed, and the price is sharply soaring in an impulse. Consider long positions from the current level with Take Profit at 105,699.07.
- XRPUSD: The final part of a powerful impulse wave (3) is forming. Consider long positions with Take Profit at a high of 3.186.
- ETHUSD: Momentum growth continues. Consider buying from the current level with Take Profit at 4,070.75.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a double zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have formed. Subwaves 1-2-3 – two impulses and a correction – also look complete. Apparently, correction 4 has formed as a contracting triangle. Thus, the price is rising in the final impulse wave 5 in the last segment of the chart and will likely reach 150,699.07 or higher.
Trading Plan for BTCUSD for Today:
Buy 101,608.99, Take profit: 105,699.07
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). A powerful impulse subwave (3) is presumably unfolding. An impulse subwave 3 of (3) has recently formed; the price will correct soon in subwave 4 and resume growth in the final subwave 5. The entire impulse (3) may end at around 3.186, as shown in the chart.
Trading Plan for XRPUSD for Today:
Buy 2.300, Take profit: 3.186
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 – a leading diagonal and a zigzag-shaped correction – have formed. The price is moving within an impulse wave 3, which consists of subwaves [1]-[2]-[3]-[4]-[5]. Correction [4] appears to have ended, and the price may continue growing in impulse [5] to 4,070.75. At that level, the size of wave [5] will be 100% of wave [3] according to Fibonacci ratios.
Trading Plan for ETHUSD for Today:
Buy 3,837.13, Take profit: 4,070.75
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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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