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: Correction 2 may end soon, and the price will likely start to advance. Consider long trades from the current level, setting a take-profit order at 95,219.99.
- XRPUSD: The second linking wave X is expected to unfold. Long trades can be considered with a take-profit order at 2.997.
- ETHUSD: A bullish trend has started. Thus, buy ETH at the current level, securing profits at the high of 2,529.81.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. The complex correction (4) has finished as a double zigzag. The first part of a new bullish wave may be underway, forming as an impulse, in the last section of the chart. The first sub-wave 1 has concluded. Correction 2 will likely end, too. The asset is expected to reverse soon, with the price climbing to the high of 95,219.99 in the impulse wave.
Trading Plan for BTCUSD for Today:
Buy 83,609.93, Take Profit: 95,219.99
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Its large impulse subwave (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 second linking wave X is in progress. The price will likely climb to the previous high of 2.997 again within the impulse [C]. Once this mark is reached, the asset may drop in the motive wave Z.
Trading Plan for XRPUSD for Today:
Buy 2.317, Take Profit: 2.997
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the large correction (B), formed as a double zigzag W-X-Y. Thus, the downtrend has reversed in the last section of the chart. The initial part of a new impulse is probably emerging. The nearest bullish target is the high of 2,529.81.
Trading Plan for ETHUSD for Today:
Buy 2,089.78, Take Profit: 2,529.81
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
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