Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
Ethereum and Bitcoin may continue declining after a minor correction.
The article covers the following subjects:
Major Takeaways
- BTCUSD: A bearish impulse may be forming within a flat. Consider short positions from the current level with Take Profit at 89,050.50.
- XRPUSD: The price continues rising in a linking wave [X], which may end near a high of 2.899. Consider long positions with Take Profit at 2.899.
- ETHUSD: A decline in the final impulse within correction 4 continues. Consider selling from the current level with Take Profit at 2,911.02.
Elliott Wave Analysis for Bitcoin
BTCUSD has formed a correction [4] as a double zigzag (W)-(X)-(Y) on the H4 timeframe. 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 appears to be developing as a flat. Corrective subwaves [A] and [B] are completed, and the the price is currently heading down within the final impulse wave [C], which may end near the previous low of 89,050.50.
Trading Plan for BTCUSD for Today:
Sell 96,839.75, Take profit: 89,050.50.
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 triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its first three parts are completed. Wave (C) is currently unfolding within wave [X], presumably as an ending diagonal. Wave [X] is expected to end at around 2.899 — the level marked by impulse 3. Once that level is reached, the price will resume its decline in actionary wave [Z].
Trading Plan for XRPUSD for Today:
Buy 2.822, Take profit: 2.899
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y on the H4 timeframe. 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 soon in subwaves (4) and (5) of impulse [C] to the previous low of 2,911.02, as shown on the chart.
Trading Plan for ETHUSD for Today:
Sell 3,213.15, Take profit: 2,911.02
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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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
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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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