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 continue falling within correction. Consider short positions from the current level with Take Profit at 100,314.02.
- XRPUSD: A decline in the final part of the bearish correction is projected. Consider short positions with Take Profit at 2.930.
- ETHUSD: The price may decline in correction (B) to the previous low. Consider selling from the current level with Take Profit at a low of 3,122.54.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed. Impulse (3) and sideways correction (4) are likely completed, too. Wave (4) has formed as flat A-B-C. Thus, the chart shows the first part of subwave (5) unfolding. It could become an impulse. Correction 4, which may become the double zigzag [W]-[X]-[Y], is expected to end soon. Before falling to the previous low of 100,314.97, the price may slightly correct upward to around 101,201.97, providing the opportunity to open a minor sell position in that area.
Trading Plan for BTCUSD for Today:
Sell 101,201.97, Take profit: 100,314.02
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). The powerful impulse subwave (3) is presumably in progress, within which subwaves 1-2-3 are potentially completed. The corrective wave 4 is likely formed as a double zigzag. The impulse wave 5 may be developing at the moment, and its subwaves [1], [2], and [3] are probably complete. The price is presumably correcting in subwave [4]. Its size will likely be 38.2% of impulse [3] according to Fibonacci ratios. Thus, a decline to around 2.930 is possible, followed by a potential reversal.
Trading Plan for XRPUSD for Today:
Sell 2.967, Take profit: 2.930
Elliott Wave Analysis for Ethereum
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ETHUSD‘s H4 chart shows that wave (C) is likely developing as impulse 1-2-3-4-5 within the actionary wave [Y]. Its subwaves 1 and 2 — a leading diagonal and zigzag [A]-[B]-[C] — have formed. Impulse 3 also look complete. The complex correction 4 is currently unfolding, potentially as the double zigzag [W]-[X]-[Y]. Correction (B) — the medium part of the linking wave [X] — is presumably in progress. The price could reach a low of 3,122.54 and reverse, resuming growth in impulse (C).
Trading Plan for ETHUSD for Today:
Sell 3,153.24, Take profit: 3,122.54
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. 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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