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: subwave [5] has started developing. Consider short positions from the current level with Take Profit at 48876.38.
- XRPUSD: the price is growing in impulse (C). Consider buying from the current level with Take Profit at 0.704.
- ETHUSD: the price is expected to fall in impulse (5). Consider selling with Take Profit at 2092.35.
Elliott Wave analysis for Bitcoin
The BTCUSD pair is forming a complex correction [4] as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The final actionary wave (Z) may be developing as a simple zigzag A-B-C. Its first impulse wave A is currently unfolding, within which a corrective wave [4] may have formed. So, the price will likely decline in subwave [5] to the low of 48876.38.
Trading plan for BTCUSD for today:
Sell 60955.39, Take profit: 48876.38
Elliott Wave analysis for Ripple
The XRPUSD crypto-pair may be forming a linking wave [X], most likely as a simple zigzag (A)-(B)-(C). Its impulse subwave (A) is likely completed. Also, correction (B) may have developed as a zigzag A-B-C. The price may rise in the final impulse wave (C) shortly. Subwaves 3-4-5 are projected to reach the level of 0.704.
Trading plan for XRPUSD for today:
Buy 0.598, Take profit: 0.704
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. Impulse [A] and correction [B] are formed, and the final subwave [C] is currently developing. Correction (4) may have developed as part of impulse [C], and the price is now declining in subwave (5) to 2092.35.
Trading plan for ETHUSD for today:
Sell 2669.44, 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.