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: A bearish correction (2) will likely unfold. Consider short trades from the current level, setting a take-profit order at 81,965.80.
- XRPUSD: The asset is expected to form the second linking wave X. Long trades can be considered with a take-profit order at 2.998.
- ETHUSD: A bullish trend has started. Thus, buy ETH at the current level, securing profits at the high of 2,529.81.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. The complex correction (4) has finished as a double zigzag. The first part of a new bullish wave may be underway, forming as an impulse, in the last section of the chart. The first sub-wave 1 has concluded. Correction 2 will likely unfold soon, with the price falling to 81,965.80.
Trading Plan for BTCUSD for Today:
Sell 91,313.10, Take Profit: 81,965.80
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Its large impulse subwave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. It will most likely form as a triple zigzag W-X-Y-X-Z. The second linking wave X is in progress. The price will likely climb to the previous high of 2.998 again. Once this mark is reached, the asset may drop in the motive wave Z.
Trading Plan for XRPUSD for Today:
Buy 2.651, Take Profit: 2.998
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the large correction (B), formed as a double zigzag W-X-Y. Thus, the downtrend has reversed in the last section of the chart. A new impulse is probably emerging. The nearest bullish target is the high of 2,529.81.
Trading Plan for ETHUSD for Today:
Buy 2.358.62, Take Profit: 2.529.81
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” 🙂
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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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