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 bullish momentum is exhausted. Expect a bearish correction to start. Consider short positions from the current level with Take Profit at 86,416.81.
- XRPUSD: A bearish correction has presumably started. Consider short positions with Take Profit at 1.715.
- ETHUSD: A bearish correction 4 has presumably started unfolding as a zigzag. Consider selling from the current level with Take Profit at 3,150.43.
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 1-2-3âtwo impulses and a correctionâalso 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 105,699.07 or higher.
Trading Plan for BTCUSD for Today:
Sell 97,660.35, Take profit: 86,416.81
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). Its powerful impulse subwave (3) is presumably unfolding, with subwaves 1-2-3 potentially completed as its parts. In the last segment of the chart, the price is likely declining in correction 4, which may end as a simple zigzag [A]-[B]-[C]. The size of wave 4 may reach 50% of impulse 3 according to the Fibonacci lines. Thus, quotes may drop to around 1.715.
Trading Plan for XRPUSD for Today:
Sell 2.277, Take profit: 1.715
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 âa leading diagonal and a zigzagâ have formed. An impulse wave 3 also appears to be completed, and the first part of a bearish correction 4 may be unfolding at the moment. Correction 4 will likely form as a simple zigzag [A]-[B]-[C], as shown in the chart. The size of correction 4 will likely be 50% of impulse 3 as per Fibonacci lines. Thus, quotes may fall to 3,150.43.
Trading Plan for ETHUSD for Today:
Sell 3,838.30, Take profit: 3,150.43
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Price chart of BTCUSD in real time mode
The content of this article reflects the authorâs 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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This post is originally published on LITEFINANCE.
