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: the price is trading in a bullish impulse wave within correction B. Consider a long position at current levels, setting a take-profit order at 68,578.00.
- XRPUSD: the pair is rising in a bullish impulse wave (C). Consider opening long positions at current levels, securing profits at 0.653.
- ETHUSD: the ETH price may continue to increase to the previous high. Long positions could be opened with a take-profit order placed at 2,818.50.
Elliott Wave Analysis for Bitcoin
The BTCUSD pair is developing a bearish motive wave as a zigzag A-B-C. The first downward wave A has finished as an impulse. Currently, a corrective wave B may unflold as a horizontal wave pattern [A]-[B]-[C]. Sub-waves [A]-[B] have been concluded. The price is rising within an impulse sub-wave [C]. The cryptocurrency may increase to 68,578.00. At this mark, the wave [C] will retrace 100% of the wave [A].
Trading plan for BTCUSD for today:
Buy 65299.00, Take profit: 68578.00
Elliott Wave Analysis for Ripple
The XRPUSD is forming a corrective linking wave [X] as a zigzag (A)-(B)-(C). An impulse wave (A) and zigzag correction B have finished. The price is increasing within an impulse wave (C), which consists of five sub-waves. Currently, sub-waves 1-2-3-4 have finished, and the final sub-wave 5 is emerging within the wave (C). The price is expected to rise to 0.653.
Trading plan for XRPUSD for today:
Buy 0.584, Take profit: 0.653
Elliott Wave Analysis for Ethereum
The ETHUSD pair is forming a motive wave Y as a zigzag [A]-[B]-[C]. An impulse wave [A] has finished, and the price corrected within a wave [B]. Since late July, the cryptocurrency has declined within the final impulse wave [C]. It includes complex correction (4), taking the shape of a double zigzag W-X-Y. The correction is projected to end near the high of 2,818.50.
Trading plan for ETHUSD for today:
Buy 2642.40, Take profit: 2818.50
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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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