Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The scenarios outlined previously remain valid.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is rising in the fifth part of a bullish impulse to a high of 112,000.00. Consider long positions.
- XRPUSD: The price is expected to rise to a high of 2.346. Consider long positions.
- ETHUSD: The price is projected to grow in the fifth part of impulse (A). Consider buying with Take Profit at 2,881.36.
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. The large complex correction 4 may have ended within sub-wave (5), and the price is now beginning to rise in the second part of the final sub-wave 5, potentially to the high of 112,000.00. The impulse wave 3 ended at that level earlier.
Trading Plan for BTCUSD for Today:
Buy 108,852.79, Take profit: 112,000.00
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) is in progress, forming as a triple zigzag W-X-Y-X-Z. The linking wave X is likely still developing and may take the form of a zigzag [A]-[B]-[C]. Correction [B] is now unfolding as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The first three parts of this correction have already formed. The linking wave (XX) is currently in progress and may end as a zigzag A-B-C near the high of 2.346.
Trading Plan for XRPUSD for Today:
Buy 2.318, Take profit: 2.346
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). It’s quite possible that the price is currently rising in impulse (A). Correction 4 has been completed at a smaller wave level, and the price is projected to rise to the previous high of 2,881.36 within sub-wave 5.
Trading Plan for ETHUSD for Today:
Buy 2,625.10, Take profit: 2,881.36
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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