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 continues to rise in the final part of the bullish impulse. The recommendation is to open long trades with a Take Profit at 112,039.75.
- XRPUSD: The price is increasing in the bullish impulse. Consider long trades with Take Profit at a high of 2.648.
- ETHUSD: The price is expected to increase in the impulse (3). Consider buying ETH at the current level with Take Profit at 3,232.21.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last section of Bitcoin‘s chart. Its sub-waves (1), (2), (3), and (4) are complete. The impulse wave (5) is underway, with sub-waves 1-2-3 completed as its parts. After the correction 4 ends, the price is projected to increase in the final sub-wave 5. Bitcoin may rise to the previous high of 112,039.75, marked by sub-wave 3.
Trading Plan for BTCUSD for Today:
Buy 106,1517.48, Take profit: 112,039.75
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. On the 4-hour chart, the large corrective wave (4) took the form of a triple zigzag W-X-Y-XX-Z. The first three parts of this corrective pattern are finished. The linking wave XX is underway as a double zigzag [W]-[X]-[Y]. The final motive wave [Y] will likely develop as a standard zigzag (A)-(B)-(C). Correction (B) may have ended, after which the price will likely increase to a high of 2.648 within the impulse wave (C).
Trading Plan for XRPUSD for Today:
Buy 2.214, Take profit: 2.648
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4), completed as a double zigzag. A new bullish wave is developing as an impulse 1-2-3-4-5. On the last segment of the chart, the first part of the impulse wave, sub-wave 1, is underway as an impulse [1]-[2]-[3]-[4]-[5]. Most likely, sub-waves [1]-[2]-[3]-[4] have concluded, and a sub-wave [5] is developing as an impulse (1)-(2)-(3)-(4)-(5). The first two sub-waves (1) and (2) may have already ended, and a sub-wave (3) is currently underway. Against this backdrop, the cryptocurrency may surge to the 3,232.21 mark.
Trading Plan for ETHUSD for Today:
Buy 2,636.25, Take profit: 3,232.21
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 broker. 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 2014/65/EU.
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