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: Correction 2 may end soon, and the price will likely start to advance. Consider long trades from the current level, setting a take-profit order at 95,219.99.
- XRPUSD: The second linking wave X is expected to unfold. Long trades can be considered with a take-profit order at 2.997.
- 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 end, too. The asset is expected to reverse soon, with the price climbing to the high of 95,219.99 in the impulse wave.
Trading Plan for BTCUSD for Today:
Buy 83,609.93, Take Profit: 95,219.99
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 2.997 again within the impulse [C]. Once this mark is reached, the asset may drop in the motive wave Z.
Trading Plan for XRPUSD for Today:
Buy 2.317, Take Profit: 2.997
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. The initial part of a new impulse is probably emerging. The nearest bullish target is the high of 2,529.81.
Trading Plan for ETHUSD for Today:
Buy 2,089.78, 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.
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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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