Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 23.07.2024

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 fall in correction 4.
• XRPUSD: Expect a decline to 0.515 in correction (4). Consider selling from the current level with Take Profit at 0.515.
• ETHUSD: Impulse 1 is completed. A bearish correction 2 is expected to reach the level of 3,279.83. Consider selling with Take Profit at 3279.83.

Elliott Wave analysis for Bitcoin

A new ascending wave is developing in Bitcoin‘s chart . It may form as an impulse (1)-(2)-(3)-(4)-(5), and its first two small subwaves (1)-(2) are presumably completed. A bullish impulse wave (3) is unfolding at the moment, within which subwave 3 has formed. The price is expected to decline in correction 4. The correction will likely be 38.2% of wave 3, so the fall will continue to 63986.00.

Trading plan for BTCUSD for today:

Sell 67066.46, Take profit: 63986.00

Elliott Wave analysis for Ripple

Impulse [A], which has started developing after the linking wave XX formed, continues unfolding in Ripple‘s chart. Subwaves (1)-(2)-(3) have presumably formed as its parts. The price is expected to decline shortly in corrective wave (4), whose size may equal 50% of impulse (3). Thus, the price may fall to 0.515. Once that level is reached, the cryptocurrency may resume growing. 

Trading plan for XRPUSD for today:

Sell 0.603, Take profit: 0.515

Elliott Wave analysis for Ethereum

The first part of a new ascending wave is presumably developing in Ethereum‘s chart as an impulse 1-2-3-4-5. Apparently, its first subwave 1 is completed as an impulse [1]-[2]-[3]-[4]-[5]. The price has likely started declining in correction 2, the size of which may equal 38.2% of wave 1 according to Fibonacci ratios. Consider short positions in the current situation.

Trading plan for ETHUSD for today:

Sell 3455.61, Take profit: 3279.83

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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.