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 continues to decline in the bearish impulse wave (C). Consider short trades from the current level, setting a take-profit order at 91,001.74.
- XRPUSD: The
- ETHUSD: The pair may decrease to the previous low. Thus, sell ETH at the current level, securing profits at the low of 2,105.00.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last segment of Bitcoin‘s chart. Its sub-waves (1) and (2) are completed, and impulse (3) may have formed, too. The sideways correction (4) is in progress in the form of the horizontal double three pattern W-X-Y. Its first sub-wave W is complete, and the sideways correction X has formed as an expanding triangle. The final wave Y could be in progress. It will likely form as the double zigzag [W]-[X]-[Y] near the previous low of 91,001.74, where wave (A) ended earlier. The triangle correction (B) has terminated on a smaller wave level, followed by a decline in impulse (C).
Trading Plan for BTCUSD for Today:
Sell 95,193.18, Take Profit: 91,001.74
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). Its large impulse sub-wave (3) is likely completed, and correction (4) has started developing, potentially as the double zigzag W-X-Y. The motive wave W has formed. Linking wave X may develop as a standard zigzag [A]-[B]-[C] once the sub-wave [C] completes. It is projected to end near 2.940, where impulse [C] will retrace 61.8% of wave [A], according to Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Buy 2.524, Take Profit: 2.940
Elliott Wave Analysis for Ethereum
Correction (B) is expected to develop on ETHUSD‘s H1 chart, presumably as the double zigzag W-X-Y. Its final sub-wave Y, which looks like a standard zigzag [A]-[B]-[C], is in progress. Impulse [A] and the triangle correction [B] are complete. The price is likely falling in impulse [C], in its fifth part, potentially to the previous low of 2,105.00, marked by sub-wave (3).
Trading Plan for ETHUSD for Today:
Sell 2,668.53, Take profit: 2,105.00
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
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