Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
Bitcoin and Ethereum continue to trade in a downward correction, while Ripple is starting to climb in a new impulse.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is expected to move within a bearish correction. The recommendation is to open short positions with Take Profit at 92,350.00.
- XRPUSD: Correction [2] is complete, and the price is expected to rise. The recommendation is to open long trades with Take Profit at 2.355.
- ETHUSD: The price will likely decline in a downward correction [2]. Consider selling at the current level with Take Profit at 1,657.83.
Elliott Wave Analysis for Bitcoin
The bullish wave is developing on the last section of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its sub-waves (1), (2), and (3) are complete. It appears that the corrective wave (4) has recently formed as a triple zigzag W-X-Y-XX-Z. On the most recent section of the chart, the initial part of a bullish impulse wave is presumably unfolding. The corrective sub-wave 2 is presumably formed. Impulse 3 is in progress, with correction [4] unfolding as its part. This correction may retrace 38.2% of impulse [3] based on Fibonacci ratios. Thus, expect the price to decline to 92,350.00.
Trading Plan for BTCUSD for Today:
Sell 96,786.21, Take profit: 92,350.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. The impulse wave (3) and the corrective wave (4), which took the form of a triple zigzag W-X-Y-X-Z, are likely both completed. The initial part of a new bullish pattern is currently unfolding, presumably as an impulse. Its first two parts — sub-wave 1 and correction 2 — have formed. The price is expected to rise in impulse 3 in the near future. Sub-wave [1] appears to be complete within impulse 3, and correction [2] may also have ended. As a result, the price is expected to increase in a new third wave to the previous high of 2.355 and higher.
Trading Plan for XRPUSD for Today:
Buy 2.132, Take profit: 2.355
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4). It appears to have completed as a double zigzag. A new bullish wave is developing on the last segment of the chart. It may form as an impulse 1-2-3-4-5. Apparently, correction 2 has recently ended, and the price is now rising within impulse 3. Sub-wave [1] within this impulse has been completed, and the price is currently sliding in a corrective sub-wave [2] to 1,657.83.
Trading Plan for ETHUSD for Today:
Sell 1,831.69, Take profit: 1,657.83
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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