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: Expect a decline in wave [C], which looks like an ending diagonal. Consider opening short positions from the current level with Take Profit at 74,286.53.
- XRPUSD: Expect a decline in wave Z. Consider opening short positions with Take Profit at 1.491.
- ETHUSD: The final descending wave (C) is expected to develop. Consider selling from the current level with Take Profit at 1,261.00.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. The complex correction (4) appears to be unfolding as a triple zigzag. Subwave Z is in progress and may complete as a zigzag [A]-[B]-[C]. Its subwaves [A] and [B] are likely formed, and the price is declining in impulse [C], whose size is supposed to be 100% of impulse [A] according to Fibonacci ratios. Thus, consider opening short positions with a target of 74,286.53.
Trading Plan for BTCUSD for Today:
Sell 82,116.61, Take profit: 74,286.53.
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Its large impulse subwave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. A triple zigzag W-X-Y-X-Z is likely forming. Its linking wave X appears to have recently completed, followed by a decline in subwave Z, which is taking the shape of a double zigzag [W]-[X]-[Y]. The price may drop to 1.491. At this level, waves [W] and [Y] will be equal in size.
Trading Plan for XRPUSD for Today:
Sell 1.988, Take profit: 1.491.
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of a large correction (4). It will likely form as a double zigzag W-X-Y. Wave Y is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z], for the full completion of which the final actionary subwave [Z] is required. Within wave [Z], the final subwave (C) is unfolding. It appears to be taking the form of an impulse of smaller degree 1-2-3-4-5, which will presumably complete near the level of 1,261.00. At this level, the size of subwave [Z] will be 100% of wave [Y].
Trading Plan for ETHUSD for Today:
Sell 1,613.24, Take profit: 1,261.00
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
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