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 decline to the previous low. Consider opening short positions from the current level with Take Profit at 76,742.31.
- XRPUSD: Expect a decline in wave Z. Consider opening short positions with Take Profit at 1.890.
- ETHUSD: The final part of the bearish wave (C) may complete as an ending diagonal. Consider selling the pair from the current level with Take Profit at 1,746.75
Elliott Wave Analysis for Bitcoin
A new 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]. The price will likely fall to the previous low of 76,742.31 — a level where the previous impulse subwave [A] completed within wave Y.
Trading Plan for BTCUSD for Today:
Sell 83,430.50, Take profit: 76,742.31
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. The triple zigzag W-X-Y-X-Z is likely in progress. Its linking wave X has presumably completed recently, followed by a decline in subwave Z. The price could drop to the previous low of 1.890, which was marked by the actionary bearish wave [W] in the form of a zigzag (A)-(B)-(C).
Trading Plan for XRPUSD for Today:
Sell 2.345, Take profit: 1.890
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (B). It appears to be forming as a double zigzag W-X-Y. Wave Y is unfolding as a double zigzag [W]-[X]-[Y], for the full completion of which the final actionary subwave [Y] is required. Within wave [Y], the final subwave (C) is currently forming. It seems that it is taking the form of an ending diagonal 1-2-3-4-5. The completion of this pattern is expected around the low of 1,746.75, which was marked by subwave 3.
Trading Plan for ETHUSD for Today:
Sell 1,909.15, Take profit: 1,746.75
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
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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 broker. 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 2014/65/EU.
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