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: Bullish momentum continues. Consider long positions from the current level with Take Profit at 94,414.17.
- XRPUSD: Subwave (1) continues forming as an impulse. Consider long positions with Take Profit at a high of 0.843.
- ETHUSD: The price continues rising. Consider buying from the current level with Take Profit at 3,558.90.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed correction [4] as a triple zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have formed. Subwaves of a smaller degree 1 and 2 also look complete. The price is expected to rise in the third part of subwave 3 to 94,414.17, then pull back slightly in correction [4], and continue rallying in subwave [5]. Long positions can be considered in this scenario.
Trading Plan for BTCUSD for Today:
Buy 87,983.19, Take profit: 94,414.17
Elliott Wave Analysis for Ripple
The XRPUSD chart presents a breakdown of a large correction pattern – zigzag [A]-[B]-[C]. We can see the final part of the completed impulse wave [A]. The corrective wave [B] is formed as a zigzag (A)-(B)-(C). The first subwave (1) is presumably forming in the final segment of the chart, marking the beginning of a bullish impulse wave [C]. Subwave (1) is projected to end as an impulse 1-2-3-4-5, as shown in the chart. Subwave 3, the most intense part of that impulse, is expected to end near the previous high of 0.843.
Trading Plan for XRPUSD for Today:
Buy 0.805, Take profit: 0.843
Elliott Wave Analysis for Ethereum
A complex correction (B) is presumably formed as a double zigzag W-X-Y in Ethereum‘s chart. The first part of a new bullish wave has started developing, potentially as an impulse [1]-[2]-[3]-[4]-[5]. Its first subwave [1] is a leading diagonal (1)-(2)-(3)-(4)-(5). The price has corrected in a zigzag-shaped subwave [2]. So, the price is growing in the third impulse subwave and may reach a peak of 3,558.90, marked by correction [B], or even higher. Consider long positions.
Trading Plan for ETHUSD for Today:
Buy 3,067.98, Take profit: 3,558.90
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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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