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: Wave (Z) may start unfolding soon, targeting 80,842.71. Consider long positions.
- XRPUSD: The bearish wave [Z] may start unfolding in the near term. Consider short positions with Take Profit at 1.807.
- ETHUSD: Bearish wave Z has begun to develop. Consider opening short positions, targeting the 2,613.72 low.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the formation of the second half of the bullish impulse [1]-[2]-[3]-[4]-[5]. Wave [3] has been completed, and the price is now declining in the corrective wave [4], which may form as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Wave (Y) and the linking wave (XX) have recently been completed in the form of simple zigzags. In the latest segment of the chart, the initial part of wave (Z) is developing. The price will likely drop to the 80,842.71 low.
Trading Plan for BTCUSD for Today:
Sell 91,599.98, Take Profit: 80,842.71
Elliott Wave Analysis for Ripple
From a global perspective, XRPUSD appears to be forming a bullish impulse (1)-(2)-(3)-(4)-(5). The current chart shows the corrective wave (4), forming as a double zigzag W-X-Y. The actionary wave Y is unfolding, and it also appears to be a double zigzag [W]-[X]-[Y]. Within the final actionary wave [Y], the first impulse wave (A) has been completed, and a sideways corrective wave (B) is now forming. It may finish as a double zigzag W-X-Y. The linking wave X appears to be forming as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking wave [X] is complete, and the price is declining in the actionary wave [Z]. It may fall to the 1.807 low previously set by sub-wave [Y].
Trading plan for XRPUSD for today
Sell 2.075, Take Profit: 1.807
Elliott Wave Analysis for Ethereum
A large upward zigzag (A)-(B)-(C) is forming on the H4 chart of ETHUSD. The first impulse wave (A) has been completed. Correction (B) is presumably forming now as a triple zigzag W-X-Y-XX-Z. The actionary wave Y has recently been completed, and the linking wave XX may also have formed as a zigzag [A]-[B]-[C]. In the near term, the price is expected to decline within the final actionary wave Z, heading for the 2,613.72 low marked by sub-wave Y.
Trading Plan forETHUSDfor Today:
Sell 3,135.29, Take Profit: 2,613.72
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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