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 growth suggests that the global momentum has not yet been exhausted. The price may rise to 115,288.15.
- XRPUSD: The bearish wave (XX) is expected to develop. Consider sales with a target of 2.043.
- ETHUSD: The pair is expected to decline within correction (В). The target for short positions is the 2,082,15 level.
Elliott Wave Analysis for Bitcoin
A large impulse (1)-(2)-(3)-(4)-(5) is nearing completion on the H4 chart of Bitcoin. Its final segment, impulse (5), is likely unfolding now. Wave 5 of (5) is expected to continue rising in the near term, with the price potentially reaching the 115,288.15 level. After a brief correction, the uptrend is expected to resume, as shown on the chart.
Trading Plan for BTCUSD for Today:
Buy 109,522.26, Take-profit: 115,288.15
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Correction (4) is currently unfolding as a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely in progress and may develop as a double zigzag [W]-[X]-[Y]. The first actionary wave [W] appears complete, and the linking wave [X] is now forming. In the near term, the price is expected to decline in subwave (XX) of [X], likely heading to the previous low marked by subwave (X).
Trading Plan for XRPUSD for Today:
Sell 2.290, Take profit: 2.043
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of a large correction (4), which may take the form of a double zigzag W-X-Y. The final actionary wave Y is currently unfolding, presumably as a double zigzag [W]-[X]-[Y]. The price is most likely moving within the linking wave [X], which appears to be developing as a zigzag based on its initial structure. Impulse (A) has already formed, and the price is now correcting in subwave (B), with the potential for a decline to 2,256.43. That level would represent a 38.2% retracement of impulse (A).
Trading Plan for ETHUSD for Today:
Sell 2,688.59, Take profit: 2,256.43
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
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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 broker. 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 2014/65/EU.
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