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: Correction [B] is developing within a flat structure. Consider buying with Take Profit at 110,747.83.
- XRPUSD: The bullish linking wave [X] is expected to complete near the previous high. Long positions with a target at 2.325 could be considered.
- ETHUSD: A decline is expected in correction 4 within impulse (A), toward the 2,306.45 low. Consider selling with Take Profit at 2,306.45.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, the final part of the large impulse wave (1)-(2)-(3)-(4)-(5) is currently unfolding. Within subwave (5), correction 4 is forming as a flat structure [A]-[B]-[C]. Only the first wave [A] appears to be complete as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Correction [B] is likely now unfolding as a zigzag (A)-(B)-(C). The price is likely to rise to the previous high of 110,747.83.
Trading Plan for BTCUSD for Today:
Buy 104,983.09, Take profit: 110,747.83
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Correction (4) is still unfolding and may take the form of a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely forming as a double zigzag [W]-[X]-[Y]. The first actionary wave [W] appears complete, and the linking wave [X] is now forming. Within wave [X], subwave (X) was recently completed. The price is now rising in subwave (Y) to the 2.325 high.
Trading Plan for XRPUSD for Today:
Buy 2.162, Take profit: 2.325
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of the large correction (4), which is taking the form of a double zigzag W-X-Y. The final actionary wave Y of (4) is currently unfolding, potentially as a double zigzag [W]-[X]-[Y]. The price is most likely moving within the linking wave [X], which appears to be developing as a zigzag (A)-(B)-(C). It’s quite possible that the price is currently rising in impulse (A). Correction 4 is forming at a lower wave degree, with its completion expected near the 2,306.45 low.
Trading Plan for ETHUSD for Today:
Sell 2,521.90, Take profit: 2,306.45
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
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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