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 may continue falling within a correction. Consider short positions from the current level with Take Profit at 89,129.00.
- XRPUSD: A decline in the final part of the bearish correction is projected. Consider short positions with Take Profit at 2.514.
- ETHUSD: The price may decline to the previous low. Consider selling from the current level with Take Profit at a low of 2,908.00.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed. Impulse (3) and sideways correction (4) are likely completed, too. Wave (4) is shaped as the horizontal double three W-X-Y, and the first subwave W is complete. The sideways correction X has also formed and looks like an expanding triangle. The final wave Y could be in progress. It will likely form as a regular zigzag near the previous low of 89,129.00, where wave [D] formed earlier.
Trading Plan for BTCUSD for Today:
Sell 102,721.55, Take profit: 89,129.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). The powerful impulse subwave (3) is presumably in progress, within which subwaves 1-2-3 are potentially completed. The corrective wave 4 is likely formed as a double zigzag. The impulse wave 5 may be developing at the moment, and its subwaves [1], [2], and [3] are probably complete. The price is likely correcting in subwave [4]. Its size may reach 76.4% of impulse [3] according to Fibonacci ratios. Thus, the price may fall to 2.514, as shown in the chart, and reverse afterward.
Trading Plan for XRPUSD for Today:
Sell 3.093, Take profit: 2.514
Elliott Wave Analysis for Ethereum
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ETHUSD‘s H4 chart shows that wave (C) is likely developing as impulse 1-2-3-4-5 within the actionary wave [Y]. Its subwaves 1 and 2 — a leading diagonal and zigzag [A]-[B]-[C] — have formed. Impulse 3 also looks complete. The complex correction 4 is currently unfolding, potentially as the double zigzag [W]-[X]-[Y]. Impulse (A) — the first part of wave [Y] — is likely in progress. The price could reach a low of 2,908.00 within wave [Y] and reverse, resuming growth.
Trading Plan for ETHUSD for Today:
Sell 3,197.35, Take profit: 2,908.00
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. 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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