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:
Highlights and key points
- BTCUSD: The price has grown in the final part of impulse C, and a bearish wave is projected to start. Short positions can be opened from the current level with Take Profit at 66,833.79.
- XRPUSD: A downward impulse 3 is forming. Consider short positions with Take Profit at 0.426.
- ETHUSD: The price is expected to decline in a new wave. Consider selling from the current level with Take Profit at 2,091.94.
Elliott Wave Analysis for Bitcoin
BTCUSD may be forming correction [4] as a triple zigzag (W)-(X)-(Y)-(X)-(Z). Its first three parts are likely completed. Since August 2024, the market has evolved within a sideways corrective linking wave (X), which looks like a flat. This flat is expected to end soon, so a decline in the first part of a new bearish trend is expected. The first bearish target is at the previous low, marked by correction (4).
Trading plan for BTCUSD for today:
Sell 74,854.24, Take profit: 66,833.79
Elliott Wave Analysis for Ripple
The XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has already formed, and the first part of actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. The bearish impulse wave (A) is likely completed, and the price has corrected in wave (B), which is a double zigzag W-X-Y. The first part of a new bearish impulse (C) is developing in the last segment of the chart. The price is expected to drop to a low of 0.426 within the third part of impulse (C).
Trading plan for XRPUSD for today:
Sell 0.531, Take profit: 0.426
Elliott Wave Analysis for Ethereum
Ethereum continues forming a bearish impulse wave [C] of (B). The first three parts of impulse [C] are fully formed. Correction (4) is likely completed as a contracting triangle, made of subwaves A-B-C-D-E. The final bearish wave (5) is forming in the last segment of the chart, potentially as an impulse. Subwaves 1-2 of wave (5) are formed. The price is projected to drop to 2,091.94 within impulse 3 – the previous low, marked by subwave (3). Consider short positions in this situation.
Trading plan for ETHUSD for today:
Sell 2,591.88, Take profit: 2,091.94
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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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