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: the rate is expected to decline in impulse C. Consider short positions from the current level with Take Profit at 50,650.00.
- ETHUSD: the price is expected to drop in impulse 5 to the low of 2,144.87. Consider selling from the current level with Take Profit at 2,144.87.
- XRPUSD: as an ascending correction (B) is presumably unfolding, consider long positions with Take Profit at 0.580.
Elliott Wave Analysis for Bitcoin
The BTCUSD crypto-pair is presumably forming the last part of correction [4] – actionary wave (Y). This wave may develop as a regular zigzag A-B-C. The sideways correction B has most likely formed as flat [A]-[B]-[C]. Thus, the price is falling in the final impulse wave C in the last segment of the chart. It may start dropping soon in subwave [3]. The entire impulse wave C may end at around 50,650.00, where its size will be 76.4% of impulse A according to Fibonacci ratios.
Trading plan for BTCUSD for today:
Sell 63,397.21, Take profit: 50,650.00
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 presumably formed, and the first part of actionary wave [Z] is currently unfolding. Wave [Z] will likely form as a simple zigzag (A)-(B)-(C), as shown in the chart. The bearish impulse wave (A) appears to have developed, and the price is now rising in correction (B), presumably to 0.580, where the size of wave (B) will be 50% of wave (A).
Trading plan for XRPUSD for today:
Buy 0.535, Take profit: 0.580
Elliott Wave Analysis for Ethereum
An actionary wave Y is developing as a regular zigzag [A]-[B]-[C] within correction (B) in the last segment of Ethereum‘s chart. Its last bearish wave [C] is currently unfolding, presumably as impulse (1)-(2)-(3)-(4)-(5). Correction (4) may have formed, so the price is now declining in impulse (5), within which subwaves 1-2-3-4 are formed. The rate may fall to the previous low of 2,144.87 in subwave 5.
Trading plan for ETHUSD for today:
Sell 2,481.36, Take profit: 2,144.87
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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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