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: The price is expected to rise in the final part of the bullish impulse. The recommendation is to open long trades with a Take Profit at 112,039.75.
- XRPUSD: Correction (B) is ending, and the price is expected to rise in the bullish impulse. Consider long trades with Take Profit at a high of 2.648.
- ETHUSD: The asset is expected to increase to the previous high. Consider buying at the current level with Take Profit at 2,725.50.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last section of Bitcoin‘s chart. Its sub-waves (1), (2), (3), and (4) are complete. The impulse wave (5) is underway, with sub-waves 1-2-3-4 completed as its part. The price is increasing in the final sub-wave 5. Bitcoin is expected to rise to the previous high of 112,039.75, marked by sub-wave 3. Against this backdrop, long trades can be considered.
Trading Plan for BTCUSD for Today:
Buy 109,962.48, Take profit: 112,039.75
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. On the 4-hour chart, the corrective wave (4) took the form of a triple zigzag W-X-Y-XX-Z. The first three parts of this corrective pattern are finished. The linking wave XX is underway as a double zigzag [W]-[X]-[Y]. The final motive wave [Y] will likely develop as a standard zigzag (A)-(B)-(C). Correction (B) is coming to an end, after which the price will likely soar to the high of 2.648 within the impulse wave (C).
Trading Plan for XRPUSD for Today:
Buy 2.338, Take profit: 2.648
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4), completed as a double zigzag. A new bullish wave is developing as an impulse 1-2-3-4-5. On the last segment of the chart, the first part of the impulse wave, sub-wave 1, is underway as an impulse, consisting of five sub-waves [1]-[2]-[3]-[4]-[5]. Correction [4] is expected to finish soon, after which the price may increase in the sub-wave [5] toward the high of 2,725.50, marked by the impulse sub-wave [3].
Trading Plan for ETHUSD for Today:
Buy 2,583.48, Take profit: 2,725.50
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
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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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