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 continues. Consider selling with a target of 107,842.00.
- XRPUSD: A bullish impulse is expected to end near a high of 3.653. Consider long positions with Take Profit at 3.653.
- ETHUSD: The price is expected to rise to the previous high. Consider buying with Take Profit at 4,105.00.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, the final part of the large impulse (1)-(2)-(3)-(4)-(5) is currently unfolding. Within impulse (5), three parts appear to be complete. The final part — correction 4 — is currently forming as a standard zigzag [A]–[B]–[C]. It will most likely end near a level of 107,842.00, where the size of wave 4 will be 38.2% of impulse 3 based on Fibonacci ratios. The probability of reaching this ratio is high.
Trading Plan for BTCUSD for Today:
Sell 114,407.69, Take Profit: 107,842.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Correction (4), which took the form of a double three, has recently completed. Impulse (5) is currently unfolding. Sub-waves 1-2-3 appear to be complete, and correction 4 also looks finished in the form of a double zigzag [W]–[X]–[Y]. As a result, an upward move in impulse 5 is expected soon, likely heading toward the 3.653 level, where sub-wave 3 previously ended.
Trading Plan for XRPUSD for Today:
Buy 2.029, Take Profit: 3.653
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of the large correction (4), which is taking the form of a double zigzag W-X-Y. The final actionary wave Y of (4) is currently unfolding, potentially as a double zigzag [W]-[X]-[Y]. The price is most likely moving within the linking wave [X], which appears to be developing as a zigzag (A)-(B)-(C). Impulse (A) and correction (B) are completed. Impulse (C) is currently unfolding and may complete near the previous high of 4,105.00, previously marked by the linking wave X. To fully complete impulse (C), wave 4 and sub-wave 5 still need to form.
Trading Plan for ETHUSD for Today:
Buy 3,659.39, Take Profit: 4,105.00
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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