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: a bearish trend has started developing. Short positions can be opened from the current level with Take Profit at 58,789.86.
- XRPUSD:ย a downward impulse 3 is forming.ย Consider short positions with Take Profit at 0.426.
- ETHUSD: the price has begun declining in a new wave. Consider selling from the current level with Take Profit at 2,768.70.
Elliott Wave Analysis for Bitcoin
BTCUSDย is forming a global double zigzag (W)-(X)-(Y). Its first actionary wave (W) is completed. The linking wave (X) is likely formed as a double zigzag W-X-Y. The first part of the actionary wave (Y) may be currently unfolding. Wave (Y) will most likely develop as a simple zigzag. A bearish wave A has started unfolding and may end in the form of impulse [1]-[2]-[3]-[4]-[5], as shown in the chart. The price may drop to a low of 58,789.86.
Trading plan for BTCUSD for today:
Sell 69,302.38, Take profit: 58,789.86
Elliott Wave Analysis for Ripple
The XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has already formed, and the first part of the actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. The bearish impulse wave (A) is likely completed, and the price has corrected in wave (B), which is a double zigzag W-X-Y. The first part of a new bearish impulse is developing in the last segment of the chart. The first bearish target is at a low of 0.426, where impulse subwave 3 may end.
Trading plan for XRPUSD for today:
Sell 0.509, Take profit: 0.426
Elliott Wave Analysis for Ethereum
Ethereum continues forming a bearish impulse wave [C] of (B). The first three parts of impulse [C] are fully formed. Correction (4), made of subwaves W-X-Y, is presumably completed. The last part of the chart shows a new bearish wave (5) developing, presumably as an impulse. The price is projected to drop to 2,091.91 within that impulse. That’s the previous low marked by subwave (3). Consider short positions in this scenario.
Trading plan for ETHUSD for today:
Sell 2,500.26, Take profit: 2,091.94
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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
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Price chart of BTCUSD in real time mode
The content of this article reflects the authorโs 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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