Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
All three cryptocurrencies continue trending down.
The article covers the following subjects:
Highlights and key points
- BTCUSD: expect a decline in impulse C to to 49,037.00. Consider opening a short position.
- XRPUSD: a descending impulse C continues heading for the low of 0.427. Consider opening a short position.
- ETHUSD: a bearish impulse wave (5) is currently unfolding and may end at around 2,013.50. Consider opening a short position.
Elliott Wave analysis for Bitcoin
The BTCUSD crypto pair appears to be forming a descending wave С as an impulse [1]-[2]-[3]-[4]-[5]. This impulse began developing after a bullish corrective wave B formed as a zigzag [A]-[B]-[C]. The price dropped recently in the impulse wave [1] and then corrected in the subwave [2]. The impulse wave [3] may be unfolding at the moment. The entire impulse wave C may end at the previous low of 49,037, marked by impulse wave A.
Trading plan for BTCUSD for today:
Sell: 54,752.26, Take profit: 49,037.00
Elliott Wave analysis for Ripple
The XRPUSD crypto pair is forming a large bullish zigzag (А)-(В)-(С). Its corrective wave (B) is currently unfolding. Subwaves A and B are fully completed, and the price appears to be falling in the first half of impulse C, which consists of subwaves [1]-[2]-[3]-[4]-[5]. Once the corrective wave [1] formed, the sideways correction [2] started developing, and it looks completed for now. The price may be declining in the impulse [3]. The entire impulse wave C may end at the low of 0.427, marked by the previous impulse wave A.
Trading plan for XRPUSD for today:
Sell: 0.523, Take profit: 0.427
Elliott Wave analysis for Ethereum
The ETHUSD is most likely developing a large bearish zigzag [A]-[B]-[C], in which impulse [C] is currently unfolding. This wave includes waves of smaller degree (1)-(2)-(3)-(4)-(5). The ascending zigzag (4) has formed recently, and then the impulse (5) started unfolding. It includes subwaves 1-2-3-4-5. Subwaves 1 and 2 are completed. The price is expected to drop shortly in subwaves 3-4-5 to 2,013.50. At that level, the size of wave (5) will be 61.8% of wave (3) according to Fibonacci ratios.
Trading plan for ETHUSD for today:
Sell: 2,289.40, Take profit: 2,013.50
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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
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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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