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 pair may fall to the previous low of 49073.60. Consider short trades at the current level with a take-profit at 49073.60.
- XRPUSD: the price is expected to grow in the impulse wave 5 to the high of 0.654. Consider long trades at the current level with a take-profit at 0.654.
- ETHUSD: the price continues to fall in the impulse (5). Consider short trades with a take-profit at 2092.35.
Elliott Wave analysis for Bitcoin
The BTCUSD pair is developing a complex correction [4] as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The final motive wave (Z) is unfolding as a standard zigzag A-B-C. The impulse sub-wave A has finished, and zigzag correction B is coming to an end. Thus, the price may start falling in the impulse wave C to the previous low of 49073.60, which is marked by the sub-wave A.
Trading plan for BTCUSD for today:
Sell 60723.18, Take profit: 49073.60
Elliott Wave analysis for Ripple
The XRPUSD pair may form a linking wave [X] as a standard zigzag (A)-(B)-(C). The impulse sub-wave (A) is completed. Correction (B) has also ended as an A-B-C zigzag. The price is rising within the last impulse wave (C). Most likely, sub-waves 1-2-3-4 are completed, so the price may soar in the sub-wave 5 towards the high of 0.654, which was reached within the impulse wave (A).
Trading plan for XRPUSD for today:
Buy 0.572, Take profit: 0.654
Elliott Wave analysis for Ethereum
The ETHUSD pair is developing a complex correction (B) as a double zigzag W-X-Y. The current zigzag wave Y, consisting of sub-waves [A]-[B]-[C], can be formed. An impulse wave [A] and correction [B] have been completed, while the last sub-wave [C] is in progress. Within the [C] impulse, correction (4) have come to an end, and now the price may decline in the sub-wave (5) to the low of 2092.35, which was marked within the sub-wave (3).
Trading plan for ETHUSD for today:
Sell 2730.99, Take profit: 2092.35
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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.