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 90,973.00.
- XRPUSD: The asset is expected to decline and form the middle part of a triangle pattern. Short trades can be considered with a take-profit order at 2.300.
- ETHUSD: The pair may decrease to 2,320.00 in the impulse (C). Thus, sell ETH at the current level, securing profits at the low of 2,320.00.
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 terminated, 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], ending near the previous low of 90,973.00, marked by wave (A).
Trading Plan for BTCUSD for Today:
Sell 95,703.12, Take Profit: 90,973.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a global bullish impulse (1)-(2)-(3)-(4)-(5). Its large impulse sub-wave (3) is likely completed, and correction (4) has started developing as a complex sideways formation. The price will likely form a contracting triangle A-B-C-D-E soon, as shown on the chart. Bearish wave C is underway. It may end near the 2.300 level as a double zigzag. At this mark, the value of wave C will retrace 50% of wave B, according to the Fibonacci indicator.
Trading Plan for XRPUSD for Today:
Sell 2.484, Take Profit: 2.300
Elliott Wave Analysis for Ethereum
Large correction (B) is expected to develop on ETHUSD‘s H1 chart, presumably as the double zigzag W-X-Y. The final wave Y, which looks like a standard zigzag [A]-[B]-[C], is in progress, with its two parts almost complete. The final sub-wave [Y] is underway. It may end near 2320.00 as a zigzag (A)-(B)-(C). At this mark, the wave (C) will retrace 38.2% of wave (A).
Trading Plan for ETHUSD for Today:
Sell 2,726.70, Take Profit: 2,320.00
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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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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