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: A triangular correction continues. Expect growth in subwave [C] of B. Consider long positions from the current level with Take Profit at 104,255.00.
- XRPUSD: Correction (B) may end near 2.532. Consider long positions with Take Profit at 2.532.
- ETHUSD: The previous scenario remains valid. Consider selling from the current level with Take Profit at 3,090.00.
Elliott Wave Analysis for Bitcoin
BTCUSD has formed a correction [4] as a double zigzag (W)-(X)-(Y) on the H4 time frame. A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and an impulse wave (3) may have formed as well. The price is currently correcting in wave (4), which will likely develop as a horizontal contracting triangle A-B-C-D-E, as shown on the chart. The first part of this triangular pattern is completed, and the price is rising in a zigzag-shaped correction B. The size of wave B may amount to 76.4% of wave A, so expect growth to 104,255.00.
Trading Plan for BTCUSD for Today:
Buy 94,242.01, Take profit: 104,255.00.
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, with subwaves 1-2-3 potentially completed as its parts. A complex correction 4 is likely forming as a double zigzag [W]-[X]-[Y]. Its first two parts are completed, while the second half of an actionary wave [Y] is expected to form shortly. Correction (B) is developing as part of wave [Y] and is expected to end at around 2.532, after which the price will resume its decline in impulse (C).
Trading Plan for XRPUSD for Today:
Buy 2.293, Take profit: 2.532
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y on the H4 time frame. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 — a leading diagonal and a zigzag — have formed. Apparently, an ascending wave 3 has recently formed as an impulse [1]-[2]-[3]-[4]-[5]. Thus, correction 4, which may end as a zigzag [A]-[B]-[C], is unfolding in the last segment of the chart. Correction [B] looks fully formed, and the price is projected to decline in subwaves (4) and (5) of impulse [C] to a low of 3,090.00, marked by subwave [A].
Trading Plan for ETHUSD for Today:
Sell 3,274.69, Take profit: 3,090.00.
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
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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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