Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The three cryptocurrencies continue to fall in value, with bears targeting previous lows.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is expected to decline to the previous low. Consider 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 form as an ending diagonal. Consider selling from the current level with Take Profit at 1,746.75
Elliott Wave Analysis for Bitcoin
A 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 84,364.96, 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. A triple zigzag W-X-Y-X-Z is likely forming. Its linking wave X appears to have recently formed, followed by a decline in subwave Z, which is taking the shape of a double zigzag [W]-[X]-[Y]. The price may fall to the previous low of 1.890, marked by the bearish actionary wave [W] in the form of a zigzag (A)-(B)-(C).
Trading Plan for XRPUSD for Today:
Sell 2.403, Take profit: 1.890
Elliott Wave Analysis for Ethereum
The H4 chart of 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 unfolding. It appears to be taking the form of an ending diagonal 1-2-3-4-5 and will presumably complete near the low of 1,746.75, marked by subwave 3.
Trading Plan for ETHUSD for Today:
Sell 1,968.51, 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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