Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is expected to rise in the final part of correction 4. Consider long positions with a Take Profit at 66,931.90.
- XRPUSD: The asset could rise in corrective wave (4) of the bearish impulse. Consider long positions with a Take Profit at 1.095.
- ETHUSD: The fifth part of a bullish correction (B) is projected to form. Long positions can be considered with a Take Profit at 1,978.54.
Elliott Wave Analysis for Bitcoin
Bitcoin is forming the final sub-wave (C) of the (A)-(B)-(C) zigzag. Sub-wave (C) appears to be unfolding as a bearish impulse 1-2-3-4-5. Correction 4 may not be complete yet. Its structure resembles a triple zigzag, with the final sub-wave [Z] yet to form. In the near term, the price could rise to the previous high of 69,931.90. After reaching this level, the price is expected to reverse and begin to decline.
Trading Plan for BTCUSD for Today:
Buy at 65,230.57, Take Profit: 69,931.90
Elliott Wave Analysis for Ripple
XRPUSD continues forming a global bullish impulse (1)-(2)-(3)-(4)-(5). Complex correction (4) is unfolding as a W-X-Y double zigzag. Wave Y will likely form as an (A)-(B)-(C) zigzag. Within impulse (C), four of the five sub-waves have already been completed. The price is expected to decline in sub-wave [5] of 5 in the near term. Within impulse [5], three parts have been completed, and the price is now correcting in sub-wave (4). This correction will likely retrace 61.8% of wave (3), based on Fibonacci levels. Thus, the pair could rise to 1.095.
Trading Plan for XRPUSD for Today:
Buy at 1.031, Take Profit: 1.095
Elliott Wave Analysis for Ethereum
ETHUSD continues forming a prolonged correction (4), unfolding as a double zigzag W-X-Y. The final actionary wave Y may become a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The second linking wave [X] has formed as a triple zigzag of smaller degree. Wave [Z] will likely form as an (A)-(B)-(C) zigzag. Impulse (A) is complete, while correction (B) is still unfolding. Correction (B) appears to be forming as a triple zigzag, with sub-wave Z yet to form. The price will likely rise in wave Z to the previous high.
Trading Plan for ETHUSD for Today:
Buy at 1,924.13, Take Profit: 1,978.54.
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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