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 is expected to decline in correction 2. Consider opening short positions from the current level with Take Profit at 79,000.00.
- XRPUSD: the price will likely slide in correction 2. Consider opening short positions with Take Profit at 1.890.
- ETHUSD: correction 2 is expected to develop. Consider selling from the current level with Take Profit at 1,471.55.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing on the last segment of Bitcoin‘s chart as an impulse (1)-(2)-(3)-(4)-(5). Its sub-waves (1) and (2) are completed, and impulse (3) may have formed, too. The correction (4) has recently formed as a triple zigzag W-X-Y-XX-Z. The last segment of the chart shows that the price has reversed, and a bullish impulse has started to unfold. Its first sub-wave 1 is likely completed. The asset is expected to slide in a corrective sub-wave 2, which may retrace 61.8% of wave 1, according to Fibonacci ratios. Thus, the price may fall to 79,000.00.
Trading Plan for BTCUSD for Today:
Sell 83,426.96, Take profit: 79,000.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Its large impulse sub-wave (3) is likely completed, and correction (4) has formed as a triple zigzag W-X-Y-X-Z. The initial part of the new bullish trend is underway, with its first sub-wave 1 formed as a leading diagonal wave. The price is expected to drop in correction 2 towards 1.890. At this level, the wave 2 will retrace 50% of the wave 1.
Trading Plan for XRPUSD for Today:
Sell 2.049, Take profit: 1.890
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of a large correction (4) formed as a double zigzag. The last section of the chart shows a market reversal and the beginning of a new bullish impulse. The first impulse sub-wave 1 has finished, and correction 2 is underway. It will likely end near the low of 1,471.55 as a standard zigzag [A]-[B]-[C].
Trading Plan for ETHUSD for Today:
Sell 1,567.99, Take profit: 1,471.55
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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