Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The three cryptocurrencies continue following the scenarios we have previously identified.
The article covers the following subjects:
Major Takeaways
- BTCUSD: Bullish momentum continues.
- XRPUSD: The price is expected to rise in impulse[C]. Consider long positions with Take Profit at a high of 1.250.
- ETHUSD: The price continues an ascending momentum movement. Consider buying from the current level with Take Profit at 3,534.34.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed correction [4] as a triple zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart. It may form as an impulse (1)-(2)-(3)-(4)-(5). Impulse (1) and correction (2) have formed. Subwaves of a smaller degree 1 and 2 also look complete. Subwave 3 is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Correction [4] may end soon as a double zigzag (W)-(X)-(Y), followed by growth in the final subwave [5]. The price could rise to 96,000.00. At that level, the size of impulse 3 will be 200% of wave 1.
Trading Plan for BTCUSD for Today:
Buy 92,474.92, Take profit: 96,000.00
Elliott Wave Analysis for Ripple
The XRPUSD chart presents a breakdown of a large correction pattern—zigzag [A]-[B]-[C]. We can see the final part of the completed impulse wave [A]. Correction [B] is formed as a zigzag (A)-(B)-(C). A bullish wave [C] is presumably developing as an impulse (1)-(2)-(3)-(4)-(5) in the last segment of the chart. Apparently, its subwaves (1)-(2)-(3) have already formed. Following a slight pullback in correction (4), the price is projected to continue growing in subwave (5) to a high of 1.250, marked by subwave (3).
Trading Plan for XRPUSD for Today:
Buy 1.070, Take profit: 1.250
Elliott Wave Analysis for Ethereum
A complex correction (B) is presumably formed as a double zigzag W-X-Y in Ethereum‘s chart. An impulse wave (C), which will contain subwaves 1-2-3-4-5, is developing at the moment. The first two subwaves 1 and 2—a leading diagonal and a corrective zigzag—are completed. The price is moving within an impulse wave 3, which consists of sub-waves [1]-[2]-[3]-[4]-[5]. Correction [4] will likely end shortly, followed by growth in impulse [5] to 3,534.34.
Trading Plan for ETHUSD for Today:
Buy 3,106.88, Take profit: 3,534.34
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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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