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 decline in the bearish impulse wave (C) continues. Consider short positions from the current level with Take Profit at 74,350.29.
- XRPUSD: The ascending wave D is expected to form in a triangle. Consider long positions with Take Profit at 2.680.
- ETHUSD: The decline continues in impulse (C). Consider selling from the current level with Take Profit at a low of 2,009.24.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (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 subwave W is complete, and the sideways correction X is formed as an expanding triangle. The final wave Y could be in progress. It may finish forming as a double zigzag [W]-[X]-[Y] at around 74,350.29, where the size of impulse (C) will be 161.8% of impulse (A) according to the Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Sell 79,489.10, Take profit: 74,350.29
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Its large impulse subwave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. It will most likely form as the contracting triangle A-B-C-D-E, as shown in the chart. Wave C has formed recently, followed by growth in wave D, which may develop as a zigzag. The price will likely rise to 2.680.
Trading Plan for XRPUSD for Today:
Buy 1.996, Take profit: 2.680
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD seems to show the large correction (B), developing as the double zigzag W-X-Y. The final wave Y is unfolding as the double zigzag [W]-[X]-[Y], whose first two parts are fully formed. The final subwave [Y] is currently in progress, presumably as a zigzag (A)-(B)-(C). It may end at around 2,009.24. At that level, the size of wave (C) will be 50% of wave (A).
Trading Plan for ETHUSD for Today:
Sell 2,098.38, Take profit: 2,009.24
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
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