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 decline in zigzag (A)-(B)-(C) could continue. 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 1.777.
- ETHUSD: The price may decline to the previous low. Consider selling from the current level with Take Profit at a low of 2,113.13.
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 94,329.91, Take profit: 89,129.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows the bullish impulse (1)-(2)-(3)-(4)-(5). Its large impulse subwave (3) is likely completed, and correction (4) has started developing, potentially as flat A-B-C. The price may be declining to 1.777 in impulse C, which consists of subwaves [1]-[2]-[3]-[4]-[5]. That’s the previous low marked by subwave [3].
Trading Plan for XRPUSD for Today:
Sell 2.366, Take profit: 1.777
Elliott Wave Analysis for Ethereum
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]. Wave [Y] is likely in progress. The price could reach a low of 2113.11 within wave [Y] and reverse, resuming growth. The approximate pattern structure is displayed in the chart.
Trading Plan for ETHUSD for Today:
Sell 2,554.92, Take profit: 2,113.11
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
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.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
