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 impulse 5 may continue unfolding shortly. Consider buying with Take Profit at 115,288.15
- XRPUSD: The price is correcting within a double zigzag [X]. Long positions can be considered, with a target at 2.431.
- ETHUSD: Impulse (A) is likely unfolding in the most recent section of the chart. Consider long positions with Take Profit at 3,119.10.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, we see the final segment of a large impulse wave (1)-(2)-(3)-(4)-(5), which is nearing completion. Its last part — impulse 5 — is likely in progress. The second part of impulse 5 is expected to continue upward in the near term. The price may first rise toward the 115,288.15 level. Then, a minor pullback is expected as part of the corrective phase within impulse 5, followed by a possible continuation of the uptrend, as shown on the chart.
Trading Plan for BTCUSD for Today:
Buy 109,838.47, Take profit: 115,288.15
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Correction (4) may currently be in progress. It has a complex structure of a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely unfolding, and it appears to be forming as a double zigzag [W]-[X]-[Y]. Its first actionary wave [W] looks complete, and the linking wave [X] is now developing. Wave [X] may complete around 2.431, which represents a 61.8% retracement of wave [W] based on Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Buy 2.291, Take profit: 2.431
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of the second section of the large correction (4). It may take the form of a double zigzag W-X-Y. The final actionary wave Y is currently unfolding 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 (A)-(B)-(C). It’s quite possible that the price is currently rising in the first impulse (A). The final subwave 5 may be forming now, with its completion expected near the 3,119.10 level. At that level, the size of wave 5 will be 76.4% of impulse 3.
Trading Plan for ETHUSD for Today:
Buy 2,809.77, Take profit: 3,119.10
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 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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