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: Correction [2] is formed, and the bullish impulse wave [3] is in progress. Consider long positions from the current level with Take Profit at 99,544.73.
- XRPUSD: The price may rise in impulse 3 to the previous high. Consider long positions with Take Profit at 2.995.
- ETHUSD: A new bullish wave 3 could develop. Consider buying at the current level with Take Profit at 2,858.52.
Elliott Wave Analysis for Bitcoin
The bullish wave is developing in the last section of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1), (2), and (3) are complete. It appears that the corrective wave (4) has recently formed as a triple zigzag W-X-Y-XX-Z. In the most recent section of the chart, the initial part of a bullish impulse wave is presumably unfolding. The corrective subwave [2] is presumably formed, and the price is expected to rise in subwave [3] to 99,544.73 in the near time.
Trading Plan for BTCUSD for Today:
Buy 93,558.12, Take profit: 99,544.73
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. The impulse wave (3) and the corrective wave (4), which took the form of a triple zigzag W-X-Y-X-Z, are likely both completed. The initial part of a new bullish pattern is currently unfolding, presumably as an impulse. Its first two parts — subwave 1 and correction 2 — have formed. We could soon see a price increase within impulse wave 3 to the 2.995 level. This is the maximum marked by subwave X.
Trading Plan for XRPUSD for Today:
Buy 2.213, Take profit: 2.995
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4). It appears to have completed as a double zigzag. A new bullish wave is developing in the last segment of the chart. It may form as an impulse 1-2-3-4-5, as shown in the chart. Apparently, correction 2 has recently completed, and the price is now rising within impulse 3, likely toward the previous high of 2,858.52. This level previously marked the completion of correction (B).
Trading Plan for ETHUSD for Today:
Buy 1,798.45, Take profit: 2,858.52
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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