Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The three cryptocurrencies continue trading according to the scenarios outlined previously.
The article covers the following subjects:
Major Takeaways
- BTCUSD: A decline in the bearish impulse wave (C) continues. Consider short positions from the current level with Take Profit at 80,138.95.
- XRPUSD: The ascending wave D is expected to form in a triangle. Consider long positions with Take Profit at 2.681.
- ETHUSD: The pair may decline to 2,163.05 in impulse (C). Consider selling from the current level with Take Profit at a low of 2,163.05.
Elliott Wave Analysis for Bitcoin
A new 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 sideways correction (4) is in progress in the form of the horizontal double three pattern W-X-Y. Its first subwave W is complete, and the sideways correction X is formed as an expanding triangle. The final wave Y could be in progress. It may form as a double zigzag [W]-[X]-[Y] at around 80,138.95, where its size will be 123.6% of impulse (A) according to the Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Sell 84,927.09, Take profit: 80,138.95
Elliott Wave Analysis for Ripple
From a global perspective, the 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. It will most likely form as a contracting triangle A-B-C-D-E, as shown in the chart. Wave C has formed recently, followed by growth in wave D, which may develop as a zigzag. The price will likely rise to 2.681.
Trading Plan for XRPUSD for Today:
Buy 2.194, Take profit: 2.681
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD seems to show the large correction (B), developing as a double zigzag W-X-Y. Its final wave Y is unfolding as a double zigzag [W]-[X]-[Y], whose first two parts are fully formed. The final subwave [Y] is currently in progress, presumably as a zigzag (A)-(B)-(C). It may end at around 2163.05. At that level, the size of wave (C) will be 50% of wave (A).
Trading Plan for ETHUSD for Today:
Sell 2,335.03, Take profit: 2,163.05
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
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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