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: the price is projected to decline in correction 4.
- XRPUSD: anticipate a corrective move in wave [B]. Consider selling from the current level with Take Profit at 0.548.
- ETHUSD: the final part of a bearish correction (B) is projected to form. Consider selling with Take Profit at 3,087.50.
Elliott Wave analysis for Bitcoin
The first part of a new impulse trend is presumably developing in Bitcoin‘s chart. Subwave (1) looks like an impulse 1-2-3-4-5. A strong impulse subwave 3 is likely completed, and the price is declining in a bearish correction 4, projected to form as a zigzag [A]-[B]-[C] and end at around 62,197.00. At that level, the size of correction 4 will be 50% of impulse 3. Short positions can be considered in the current situation.
Trading plan for BTCUSD for today:
Sell 64,420.00, Take profit: 62,197.00
Elliott Wave analysis for Ripple
Ripple is presumably forming a new ascending zigzag [A]-[B]-[C]. Apparently, the first subwave [A] is completed as an impulse (1)-(2)-(3)-(4)-(5). Correction [B] is currently unfolding, presumably as a zigzag (A)-(B)-(C). It will likely end near the level of 0.548, where its size will be 38.2% of impulse [A] according to Fibonacci ratios.
Trading plan for XRPUSD for today:
Sell 0.578, Take profit: 0.548
Elliott Wave analysis for Ethereum
Ethereum is presumably forming a bullish zigzag (A)-(B)-(C). Its first impulse wave (A) looks fully completed. A bearish correction (B) is currently developing as a double zigzag W-X-Y. Its subwaves W and X are likely formed. The price may decline shortly in the final subwave Y to the previous low of 3,087.50 marked by subwave W.
Trading plan for ETHUSD for today:
Sell 3,161.75, Take profit: 3,087.50
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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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This post is originally published on LITEFINANCE.
