Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The three cryptocurrencies continue following the scenarios we have previously identified.
The article covers the following subjects:
Major Takeaways
- BTCUSD: Bullish momentum continues.
- XRPUSD: The price is expected to rise in impulse (5). Consider long positions with Take Profit at a high of 1.625.
- ETHUSD: Momentum growth continues. Consider buying from the current level with Take Profit at 3,672.00.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a triple zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have formed. Subwaves of a smaller degree 1 and 2 also look complete. Subwave 3 is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Apparently, correction (4) has formed as a skewed triangle (A)-(B)-(C)-(D)-(E) within impulse [3]. A corrective subwave [4] is also completed, and the price is growing in the final subwave [5] to 102,606.42.
Trading Plan for BTCUSD for Today:
Buy 96,120.55, Take profit: 102,606.42
Elliott Wave Analysis for Ripple
The XRPUSD chart presents a breakdown of a large correction pattern – zigzag [A]-[B]-[C]. We can see the final part of the completed impulse wave [A]. Correction [B] is formed as a zigzag (A)-(B)-(C). A bullish wave [C] is presumably developing as an impulse (1)-(2)-(3)-(4)-(5) in the last segment of the chart. Apparently, its subwaves (1)-(2)-(3)-(4) have already formed. The price is projected to grow in subwave (5) to 1.625, where the size of wave (5) will be 76.4% of wave (3). This level is also a peak reached by subwave 3.
Trading Plan for XRPUSD for Today:
Buy 1.578, Take profit: 1.625
Elliott Wave Analysis for Ethereum
A complex correction (B) is presumably formed as a double zigzag W-X-Y in Ethereum‘s chart. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 are completed. The price is moving within an impulse wave 3, which consists of subwaves [1]-[2]-[3]-[4]-[5]. Correction [4] is likely completed, and the price may grow in impulse [5] to 3,672.00. At that level, the size of wave [5] will be 61.8% of wave [3].
Trading Plan for ETHUSD for Today:
Buy 3,566.72, Take profit: 3,672.00
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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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