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 rise to a peak of 73,760.00 in impulse [C]. Consider long positions from the current level with Take Profit at 73,760.00.
- XRPUSD: Impulse 3 is expected to reach 0.426. Consider short positions with Take Profit at 0.426.
- ETHUSD: Expect an upward movement to a peak. Consider buying from the current level with Take Profit at 2,768.70.
Elliott Wave Analysis for Bitcoin
BTCUSD may be forming a global double zigzag that consists of waves (W)-(X)-(Y). The first actionary wave (W) is completed. The linking wave (X) may be unfolding at the moment as a double zigzag W-X-Y. Its first two subwaves W and X have finished developing, and the final actionary wave Y is currently forming, potentially as a regular zigzag [A]-[B]-[C]. Its impulse [A] and correction [B] look completed. The price is currently growing in impulse [C] that is expected to end near a peak of 73,760.00.
Trading plan for BTCUSD for today:
Buy 72,155.97, Take profit: 73,760.00
Elliott Wave Analysis for Ripple
The XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has already formed, and the first part of actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. Its bearish impulse wave (A) is likely completed, and the price has corrected in wave (B), which is a double zigzag W-X-Y. The first part of a new bearish impulse is currently developing in the last segment of the chart. The first bearish target is at a low of 0.426, where impulse subwave 3 may end.
Trading plan for XRPUSD for today:
Sell 0.520, Take profit: 0.426
Elliott Wave Analysis for Ethereum
Ethereum‘s chart shows a breakdown of bearish impulse wave [C] of (B). The first three parts of impulse [C] are fully formed. Correction (4) is likely developing as a double zigzag W-X-Y. The final actionary wave Y, made of subwaves [W]-[X]-[Y], is currently unfolding. The final subwave [Y] may form as a double zigzag (W)-(X)-(Y) near a level of 2,768.70, marked by actionary subwave (W).
Trading plan for ETHUSD for today:
Buy 2,629.75, Take profit: 2,768.70
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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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