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:
Highlights and key points
The market continues evolving according to the previous forecast.
- BTCUSD: expect a downward impulse move. Consider short positions from the current level, with Take Profit at a low of 52,622.00.
- XRPUSD: an actionary wave [Z] may end near a low of 0.427. Short positions with Take Profit at 0.427 are recommended.
- ETHUSD: the price continues dropping in impulse 5 to a low of 2,144.87. Consider selling from the current level with Take Profit at 2,144.87.
Elliott Wave Analysis for Bitcoin
In the medium term, the BTCUSD crypto-pair is forming the last part of correction [4] – actionary wave (Y). This wave may develop as a regular zigzag A-B-C. The sideways correction B has most likely formed as flat [A]-[B]-[C]. Thus, the price is falling in the final impulse wave in the last segment of the chart and may drop shortly in subwave [3], which is expected to end near the previous low of 52,622.00, marked by the corrective wave [B].
Trading plan for BTCUSD for today:
Sell 63,781.05, Take profit: 52,622.00
Elliott Wave Analysis for Ripple
In the medium term, the XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has presumably formed, and the first part of actionary wave [Z] is currently unfolding. Wave [Z] may form as a simple zigzag (A)-(B)-(C), as shown in the chart. Its bearish impulse wave (A) is likely completed. Correction (B), which looks like a double zigzag W-X-Y, seems to be nearing completion. The fall may continue in impulse (C) soon. The bears may drive the pair to the previous low of 0.427, where impulse wave A ended earlier.
Trading plan for XRPUSD for today:
Sell 0.531, Take profit: 0.427
Elliott Wave Analysis for Ethereum
Ethereum‘s price continues forming an actionary wave Y as part of correction (B). Wave Y is a regular zigzag [A]-[B]-[C]. Its last bearish wave [C] is currently developing, presumably as impulse (1)-(2)-(3)-(4)-(5). Correction (4), made of subwaves W-X-Y, may have formed, so the price is declining in impulse (5), within which subwaves 1-2-3-4 are completed. The rate is expected to drop in subwave 5 to the previous low of 2,144.87, marked by subwave Х.
Trading plan for ETHUSD for today:
Sell 2,522.59, Take profit: 2,144.87
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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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