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 is expected to climb to the previous high. The recommendation is to open long trades with Take Profit at 109,276.16
- XRPUSD: Correction [2] is complete, and the price is expected to rise. Consider long trades with Take Profit at 2.355.
- ETHUSD: The asset is expected to increase to the previous high. Consider buying at the current level with Take Profit at 2,542.07.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last section of Bitcoin‘s chart. 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, and correction [4] has developed within it. A bullish sub-wave [5] is likely unfolding. The price is expected to rally to the previous high of 109,276.16, marked by sub-wave (3).
Trading Plan for BTCUSD for Today:
Buy 98,764.74, Take profit: 109,276.16
Elliott Wave Analysis for Ripple
A global 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] has 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 2.171, Take profit: 2.355
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4), completed as a double zigzag. A new bullish wave is developing as an impulse 1-2-3-4-5 on the last segment of the chart. 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 climbing in the impulse [3] toward 2,542.07.
Trading Plan for ETHUSD for Today:
Buy 1,894.42, Take profit: 2,542.07
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
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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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