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 may decline in a bearish correction.
- XRPUSD: The correction is over, and the price shows momentum growth. Consider long positions with Take Profit at 2.899.
- ETHUSD: A bearish correction 4 has presumably started. Consider selling from the current level with Take Profit at 3,425.76.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a double zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart, potentially as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have formed. An impulse wave (3) is also completed. The price is currently falling in correction (4), which will likely become a zigzag. A correction is presumably nearing completion as part of the potential zigzag, and the price may decline soon in the final impulse wave to a level of 92,820.00, located on the support line.
Trading Plan for BTCUSD for Today:
Sell 97,704.85, Take profit: 92,820.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). A powerful impulse subwave (3) is presumably unfolding, with subwaves 1-2-3 potentially completed as its parts. Apparently, the price has finished declining in correction 4, which developed as a flat. We can currently see growth in the final subwave 5, which will likely end near a high of 2.899, marked by impulse 3. Consider long positions in this scenario.
Trading Plan for XRPUSD for Today:
Buy 2.321, Take profit: 2.899
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 — a leading diagonal and a zigzag — have formed. An impulse wave 3 also appears to be completed, and the first part of correction 4 is unfolding at the moment. Correction 4 will likely form as a double zigzag [W]-[X]-[Y], as shown in the chart. Its size may reach 38.2% of impulse 3 as per Fibonacci lines. The probability of reaching that ratio is high. The first actionary wave [W] may end at 3,425.76.
Trading Plan for ETHUSD for Today:
Sell 3,673.28, Take profit: 3,425.76
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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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