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 rise to 84,600.00 amid the current bullish momentum.
- XRPUSD: Subwave (1) is presumably forming as an impulse. Consider long positions with Take Profit at a high of 0.659.
- ETHUSD: Expect an impulse move in the direction of the previous high. Consider buying from the current level with Take Profit at 3,560.00
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed correction [4] as a triple zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have already formed. Subwaves of a smaller degree 1 and 2 also look complete. The price is expected to rise in the third part of subwave 3 to 84,600.00, then pull back slightly in correction [4] and continue rallying in subwave [5]. Long positions can be considered in this scenario.
Trading Plan for BTCUSD for Today:
Buy 80,828.50, Take profit: 84,600.00
Elliott Wave Analysis for Ripple
The XRPUSD chart presents a breakdown of a large correction pattern – zigzag [A]-[B]-[C]. We can see the final part of the completed impulse wave [A]. The corrective wave [B] is formed as a zigzag (A)-(B)-(C). The first subwave (1) may be forming in the final segment of the chart, marking the beginning of a bullish impulse wave [C]. Subwave (1) is projected to end as an impulse 1-2-3-4-5 near the previous high of 0.659, marked by correction (B).
Trading Plan for XRPUSD for Today:
Buy 0.570, Take profit: 0.659
Elliott Wave Analysis for Ethereum
A complex correction (B) may have formed as a double zigzag W-X-Y in Ethereum‘s chart. The first part of a new bullish wave started developing, presumably as an impulse [1]-[2]-[3]-[4]-[5]. Its first subwave [1] formed as a leading diagonal (1)-(2)-(3)-(4)-(5). Then, the price corrected in a zigzag-shaped subwave [2]. So, the price is growing in the third impulse subwave and may reach a peak of 3560.00 or even higher.
Trading Plan for ETHUSD for Today:
Buy 3,130.37, Take profit: 3,560.00
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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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This post is originally published on LITEFINANCE.
