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.
- XRPUSD: as an ascending correction (B) is presumably unfolding, consider long positions with Take Profit at 0.580.
- 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.
Elliott Wave Analysis for Bitcoin
As in previous days, the BTCUSD crypto-pair is 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 and may drop shortly 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 62,572.35, Take profit: 50,650.00
Elliott Wave Analysis for Ripple
In the medium term, 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 presumably form as a simple zigzag (A)-(B)-(C), as shown in the chart. The bearish impulse wave (A) appears to have developed. The price is now rising in correction (B) and may reach the level of 0.580, where its size will be 50% of wave (A).
Trading plan for XRPUSD for today:
Buy 0.525, Take profit: 0.580
Elliott Wave Analysis for Ethereum
Ethereum‘s price continues forming an actionary wave Y as part of correction (B). Wave Y is a regular zigzag [A]-[B]-[C]. Its last bearish wave [C] is currently developing, presumably as impulse (1)-(2)-(3)-(4)-(5). Correction (4) may have formed, so the price is declining in impulse (5), within which subwaves 1-2-3-4 are completed. The rate may drop in subwave 5 to the previous low of 2,144.87, marked by subwave Х.
Trading plan for ETHUSD for today:
Sell 2,424.74, 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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