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:
Highlights and key points
- BTCUSD: the price may rise to the previous high. Consider long positions from the current level with Take Profit at 69,970.00.
- XRPUSD: a correction is expected to end near 0.581. Consider long positions with Take Profit at 0.581.
- ETHUSD: the price may rise to the previous high. Consider buying from the current level with Take Profit at 2,816.92.
Elliott Wave Analysis for Bitcoin
The BTCUSD is expected to form a large corrective trend in the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z). The second linking wave (X) is currently unfolding as a horizontal flat A-B-C, and its corrective subwaves A and B look completed. The impulse subwave C appears to be developing, with subwaves [1]-[2]-[3]-[4] completed as its parts. Thus, the price may grow soon in impulse [5] to around 69,970.00. The chart shows an approximate pattern of this potential movement.
Trading plan for BTCUSD for today:
Buy 67,703.35, Take profit: 69,970.00
Elliott Wave Analysis for Ripple
In the medium term, the XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has already formed, and the first part of the actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. Bearish impulse wave (A) is likely completed, and correction (B) may form shortly as a triple zigzag W-X-Y-X-Z. Its last subwave Z may end near a level of 0.581, where correction (B) will equal 50% of impulse (A) according to Fibonacci lines. The probability of reaching that ratio is high. Consider long positions.
Trading plan for XRPUSD for today:
Buy 0.539, Take profit: 0.581
Elliott Wave Analysis for Ethereum
Ethereum‘s chart shows a breakdown of bearish impulse wave [C] that is part of a large correction (B). The first three parts of impulse [C] are fully formed. Sustained correction (4) is presumably unfolding. This correction is made of three subwaves—W-X-Y. The final subwave Y will presumably end near a high of 2,816.92, marked by actionary subwave W. Then, expect a reversal and a drop in impulse (5). Long positions can be considered in this scenario.
Trading plan for ETHUSD for today:
Buy 2,651.68, Take profit: 2,816.92
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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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