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 price may drop shortly in subwave [E] inside a projected triangle. Consider opening short positions from the current level with Take Profit at 94,483.97.
- XRPUSD: The final part of a powerful impulse wave 3 is forming. Consider long positions with Take Profit at a high of 3.186.
- ETHUSD: Momentum growth continues. Consider buying from the current level with Take Profit at 3,825.80.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a double zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have formed. Subwaves 1-2-3 – two impulses and a correction – also look complete. A sideways correction 4 could be forming at the moment, potentially as a triangle [A]-[B]-[C]-[D]-[E], as shown in the chart. Subwave [D] is expected to end soon, followed by a decline in the final subwave [E] to around 94,483.97.
Trading Plan for BTCUSD for Today:
Sell 96,703.28, Take profit: 94,483.97
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). Its first two subwaves have already formed. A more powerful impulse subwave (3) is presumably unfolding. An impulse subwave 3 of (3) has recently formed; the price will correct soon in subwave 4 and resume growth in the final subwave 5. The entire impulse wave (3) may end at around 3.186, as the chart shows.
Trading Plan for XRPUSD for Today:
Buy 2.611, Take profit: 3.186
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 are completed. The price is moving within an impulse wave 3, which consists of sub-waves [1]-[2]-[3]-[4]-[5]. Correction [4] appears to have ended, and the price may continue growing in impulse [5] to 3,825.80. At that level, the size of wave [5] will be 76.4% of wave [3].
Trading Plan for ETHUSD for Today:
Buy 3,679.89, Take profit: 3,825.80
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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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