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 a correction. Consider short positions from the current level with Take Profit at 89,129.00.
- XRPUSD: A decline in the final part of the bearish correction is projected. Consider short positions with Take Profit at 2.677.
- ETHUSD: The price may decline to the previous low. Consider selling from the current level with Take Profit at a low of 2,916.43.
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) is shaped as the horizontal double three W-X-Y, and the first subwave W is already complete. The sideways correction X has also formed as an expanding triangle. The final wave Y could be in progress. It will likely form as the double zigzag [W]-[X]-[Y] near the previous low of 89,129.00, where wave [D] formed earlier.
Trading Plan for BTCUSD for Today:
Sell 105,512.89, Take profit: 89,129.00
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 likely correcting in subwave [4]. Its size may reach 61.8% of impulse [3] according to Fibonacci ratios. The price may fall to 2.677 and reverse afterward.
Trading Plan for XRPUSD for Today:
Sell 3.110, Take profit: 2.677
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 looks complete. The complex correction 4 is currently unfolding, potentially as the double zigzag [W]-[X]-[Y]. Impulse (A) — the first part of wave [Y] — is likely in progress. The price could reach a low of 2,916.43 within wave [Y] and reverse, resuming growth.
Trading Plan for ETHUSD for Today:
Sell 3,194.93, Take profit: 2,916.43
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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