Short-term Analysis for BTCUSD, XRPUSD, and ETHUSD for 05.12.2024

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


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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    Yen Remains Depressed As US Tariff Letters Land. Forecast as of 08.07.2025

    Risk Warning: Trading on financial markets carries risks. Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since…

    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 08.07.2025

    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 price is rising…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    FXPrimus Now Lets You Trade in Markets That Ignore Headlines

    • July 8, 2025
    FXPrimus Now Lets You Trade in Markets That Ignore Headlines

    TradeStation Becomes First Broker to Enable Equities and Options Trading on TipRanks Platform

    • July 8, 2025
    TradeStation Becomes First Broker to Enable Equities and Options Trading on TipRanks Platform

    TradeStation Securities Links with TipRanks to Offer Direct Trading and Data Insights

    • July 8, 2025
    TradeStation Securities Links with TipRanks to Offer Direct Trading and Data Insights

    Retail Brokers Integrate TipRanks Data Tools to Support Investor Decision-Making

    • July 8, 2025
    Retail Brokers Integrate TipRanks Data Tools to Support Investor Decision-Making