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:
Highlights and key points
- BTCUSD: an ascending wave 5 has started unfolding.
- XRPUSD: the price is expected to rise in subwave 3. Consider buying from the current level with Take Profit at 0.703.
- ETHUSD: an ascending wave 3 has started forming. Consider long positions with Take Profit at 3968.70.
Elliott Wave analysis for Bitcoin
Bitcoin‘s price is presumably forming the fifth part of a big impulse – subwave [5]. Once the corrective wave [4] has finished unfolding, a rise in the impulse subwave began. Subwaves (1)-(2) are most likely completed, and an impulse subwave (3) is currently unfolding, with four parts completed within. The price is expected to rise shortly in subwave 5 to 69424.27. At that level, the size of subwave 5 will be 50% of subwave 3.
Trading plan for BTCUSD for today:
Buy 66940.38, Take profit: 69424.27
Elliott Wave analysis for Ripple
Apparently, Ripple is forming the first part of a bullish zigzag – an impulse subwave [A] that includes subwaves (1)-(2)-(3)-(4)-(5). The final impulse subwave (5) is likely unfolding at the moment. Subwave 3, which is forming as part of subwave (5), is expected to end at around 0.703. Consider long positions in this scenario.
Trading plan for XRPUSD for today:
Buy 0.598, Take profit: 0.703
Elliott Wave analysis for Ethereum
A complex correction (B) is completed in Ethereum‘s chart. The market has reversed, and an ascending movement has started. The first part of a bullish impulse wave may be developing in the last segment of the chart. The first two small subwaves 1 and 2 – an impulse and a correction – are completed. The price may grow shortly in subwave 3 to the high of 3968.70, where the linking wave X finished forming earlier.
Trading plan for ETHUSD for today:
Buy 3246.88, Take profit: 3968.70
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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.
