Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The cryptocurrencies continue moving within a predicted range.
The article covers the following subjects:
Highlights and key points
- BTCUSD: A rise in impulse 3 is expected.
- XRPUSD:Β Expect a decline to 0.515 in correction (4). Consider selling from the current level with Take Profit at 0.515.
- ETHUSD:Β The price is expected to rise to a peak of 3652.96 in impulse [3]. Consider buying with Take Profit at 3652.96.
Elliott Wave analysis for Bitcoin
A large descending correction [4] has likely formed as a triple zigzag in Bitcoin‘s chart. A new ascending wave is developing. It may form as an impulse (1)-(2)-(3)-(4)-(5), and its first two small subwaves (1)-(2) are presumably completed. A bullish impulse subwave (3) is unfolding at the moment, within which a rise to a peak of 68230.95 is expected.
Trading plan for BTCUSD for today:
Buy 64305.09, Take profit: 68230.95
Elliott Wave analysis for Ripple
Impulse [A], which has started developing after the linking wave XX formed, continues unfolding in the XRPUSD‘s chart. Subwaves (1)-(2)-(3) have presumably formed as its parts. The price is expected to decline shortly in correction (4), whose size may equal 50% of impulse (3). Thus, the price may fall to 0.515. Once this level is reached, the asset may resume growing.
Trading plan for XRPUSD for today:
Sell 0.551, Take profit: 0.515
Elliott Wave analysis for Ethereum
Ethereum continues developing a new bullish wave after the completion of a complex correction (B). Wave (B) consists of subwaves W-X-Y. An impulse is presumably unfolding at the moment, with the first two subwaves 1-2 formed as its parts. The price is expected to rise in subwave [3], which is the third part of subwave 3, to 3652.96 in the near time. That’s the previous high set by subwave A within a triangle pattern.
Trading plan for ETHUSD for today:
Buy 3437.37, Take profit: 3652.96
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Price chart of BTCUSD in real time mode
The content of this article reflects the authorβs 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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