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 correct to the upside.
- XRPUSD: A decline to a low of 1.896 is expected. Consider short positions with Take Profit at 1.896.
- ETHUSD: The price may rise in a small correction. Consider buying from the current level with Take Profit at 3,715.17.
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. It may form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and a strong impulse wave (3) is unfolding at the moment. Subwaves 1-2-3 are formed within impulse (3), and correction 4 may be developing as a zigzag. The price is expected to rise in correction [B] to a peak of 103,064.89 soon.
Trading Plan for BTCUSD for Today:
Buy 97,613.50, Take profit: 103,064.89.
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 complex correction 4 is likely forming as a double zigzag [W]-[X]-[Y]. Its first two parts are completed, and the price is expected to dive in subwave [Y] to a low of 1.896 in the near time.
Trading Plan for XRPUSD for Today:
Sell 2.329, Take profit: 1.896
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]. Its first three parts look completed. Correction [4] may be developing at the moment, potentially as a zigzag (A)-(B)-(C). Its impulse wave (A) is completed, and the price may climb in a minor correction (B) to a high of 3,715.17.
Trading Plan for ETHUSD for Today:
Buy 3,429.62, Take profit: 3,715.17.
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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.
