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 may rise in the fifth part of impulse (3).
- XRPUSD: Expect an increase toward the previous high. Consider long positions with Take Profit at 3.571.
- ETHUSD: Bullish momentum will likely drive the price upwards. Consider buying from the current level with Take Profit at 4,113.73.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a double zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart, potentially as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and the strongest impulse wave (3) is unfolding at the moment. Subwaves 1-2-3-4 are formed within impulse (3), and the final subwave 5 may start developing soon, expected to end at around 122,447.00. At this level, the size of subwave 5 will be 74.6% of impulse 3.
Trading Plan for BTCUSD for Today:
Buy 101,257.20, Take profit: 122,447.00
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 decline within correction 4 is most likely completed, and the first part of an impulse wave 5 is forming at the moment. The first small subwave [1] has formed, and correction [2] is presumably completed. Thus, the price is anticipated to grow in wave [3] to a high of 3.571 soon.
Trading Plan for XRPUSD for Today:
Buy 2.354, Take profit: 3.571
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y. 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 is unfolding as an impulse [1]-[2]-[3]-[4]-[5]. The first four subwaves look completed. The price can rise in subwave [5], with the first target at a high of 4,113.73, marked by subwave [3].
Trading Plan for ETHUSD for Today:
Buy 3,683.39, Take profit: 4,113.73
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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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This post is originally published on LITEFINANCE.
