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: correction [4] is expected to develop. Consider long positions from the current level with Take Profit at 57883.91.
- XRPUSD: the price may evolve in a bullish correction B. Consider buying from the current level with Take Profit at 0.505.
- ETHUSD: the price may rise in correction (4). Consider buying with Take Profit at 2583.00.
Elliott Wave analysis for Bitcoin
The BTCUSD continues forming a large correction [4] in the form of a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The final actionary wave (Z) may be unfolding. It will most likely form as a regular zigzag A-B-C. Subwave [3] appears to have developed as part of impulse A, and a correction [4] is expected to begin shortly and presumably develop as a regular zigzag (A)-(B)-(C). It may end at around 57883.91, where its size will be 50% of impulse [3].
Trading plan for BTCUSD for today:
Buy 57118.01, Take profit: 57883.91
Elliott Wave analysis for Ripple
The XRPUSD crypto pair continues forming a bearish correction (B) as part of a potential bullish zigzag (A)-(B)-(C). This correction may develop as a regular zigzag A-B-C. Its first impulse subwave A is presumably completed, and a bullish zigzag-shaped correction B may be unfolding at the moment. Its size will likely be 50% of wave A according to Fibonacci ratios. So, the price may rise to 0.540.
Trading plan for XRPUSD for today:
Buy 0.510, Take profit: 0.540
Elliott Wave analysis for Ethereum
Ethereum is presumably forming a complex correction (B) as a double zigzag W-X-Y. An actionary zigzag-shaped wave Y, which consists of subwaves [A]-[B]-[C], may be unfolding at the moment. The final impulse wave [C] is currently developing. Correction (4) is expected to develop to the level of 2583.00 in the near time. At that level, the size of wave (4) will be 38.2% of impulse (3).
Trading plan for ETHUSD for today:
Buy 2518.36, Take profit: 2583.00
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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.