
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 fall to the previous low. Consider short trades from the current level, setting a take-profit order at 76,742.31.
- XRPUSD: The asset may decline in wave Z. Short trades can be considered with a take-profit order at 1.890.
- ETHUSD: The final part of the bearish wave (C) may complete as an ending diagonal. Thus, sell ETH at the current level, securing profits at 1,746.75.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last segment of Bitcoin‘s chart. Its sub-waves (1) and (2) are completed, and impulse (3) may have formed, too. The complex correction (4) is unfolding as a triple zigzag. Sub-wave Z is developing as a zigzag [A]-[B]-[C]. The price may drop to the previous low of 76,742.31, where the previous motive sub-wave [A], the first part of wave Y, ended.
Trading Plan for BTCUSD for Today:
Sell 82,978.32, Take Profit: 76,742.31
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Its large impulse sub-wave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. It will most likely form as a triple zigzag W-X-Y-X-Z. The linking wave X has recently finished, and the price started to slide in sub-wave Z, likely to the previous low of 1.890. At this level, the bearish motive wave [W] ended as a zigzag (A)-(B)-(C).
Trading Plan for XRPUSD for Today:
Sell 2.2835, Take Profit: 1.890
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the large correction (B), forming as a double zigzag W-X-Y. Once a final motive sub-wave [Y] finishes, wave Y will fully form as a double zigzag [W]-[X]-[Y]. The final impulse sub-wave (C) is developing within the wave [Y] as an ending diagonal 1-2-3-4-5. The completion of this pattern is expected around the low of 1,746.75, marked by sub-wave 3.
Trading Plan for ETHUSD for Today:
Sell 1,905.01, 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.
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Price chart of BTCUSD in real time mode
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