Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
Cryptocurrencies continue to decline.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is expected to fall to the previous low. Consider short trades from the current level, setting a take-profit order at 76,742.00.
- XRPUSD: The asset may decline in wave Z. Short trades can be considered with a take-profit order at 1.890.
- ETHUSD: The final part of the bearish wave (C) may complete as an ending diagonal. Thus, sell ETH at the current level, securing profits at 1,746.75.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last segment of Bitcoin‘s chart. Its sub-waves (1) and (2) are completed, and impulse (3) may have formed, too. The complex correction (4) is unfolding as a triple zigzag. Sub-wave Z is developing as a zigzag [A]-[B]-[C]. The price may drop to the previous low of 76,742.00, where the previous impulse sub-wave [A] of Y ended.
Trading Plan for BTCUSD for Today:
Sell 85,998.90, Take profit: 76,742.00
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Its large impulse sub-wave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. It will most likely form as a triple zigzag W-X-Y-X-Z. The linking wave X has recently finished, and the price started to slide in sub-wave Z, which is a double zigzag [W]-[X]-[Y], likely to the previous low of 1.890. At this level, the bearish motive wave [W] ended as a zigzag (A)-(B)-(C).
Trading Plan for XRPUSD for Today:
Sell 2.251, Take profit: 1.890
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the large correction (B), forming as a double zigzag W-X-Y. Once a final motive sub-wave [Y] finishes, wave Y will fully form as a double zigzag [W]-[X]-[Y]. The final sub-wave (C) is developing within the wave [Y] as an ending diagonal 1-2-3-4-5. The completion of this pattern is expected around the low of 1,746.75, marked by sub-wave 3.
Trading Plan for ETHUSD for Today:
Sell 1,916.47, Take profit: 1,746.75
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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