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 continues to rise in a bullish correction (B). Consider long positions with a Take Profit at 88,766.
- XRPUSD: The asset continues to rise in impulse [C] of XX. Consider long positions with a Take Profit at 1.694.
- ETHUSD: The rise in the fifth part of a bullish impulse continues. Consider long positions with a Take Profit at 2,855.01.
Elliott Wave Analysis for Bitcoin
Bitcoin continues forming a large descending zigzag (A)-(B)-(C). Impulse (A) is complete, and correction (B) is now forming. Its structure resembles a double zigzag W-X-Y. The final actionary wave Y is currently unfolding. Its first two parts are complete, and the price is now rising in impulse [C]. The quotes will likely reach 88,766.91, where impulse (5) will equal 61.8% of wave (3). Then, a decline in a new impulse is projected.
Trading Plan for BTCUSD for Today:
Buy at 83,911.50, Take Profit: 88,766,91
Elliott Wave Analysis for Ripple
In the long term, a large bearish correction (B) is developing on the XRPUSD chart as a triple zigzag W-X-Y-XX-Z. The linking wave XX, consisting of sub-waves [W]-[X]-[Y], is currently unfolding. The actionary wave [W] and correction [X] have been completed, and the final wave [Y] is now forming. The price will likely rise toward the previous high of 1.694 set by impulse sub-wave (A). The trend may later turn bearish.
Trading Plan for XRPUSD for Today:
Buy at 1.403, Take Profit: 1.694
Elliott Wave Analysis for Ethereum
In the medium term, ETHUSD is forming the middle part of the triple zigzag [W]-[X]-[Y]-[XX]-[Z]. The actionary zigzag wave [Y] has been completed, and the price is now rising within the linking wave [XX], which looks like a standard zigzag (A)-(B)-(C). Once the triangular correction (B) formed, the price continued to rise in the final impulse wave (C). The impulse is expected to end near 2,814.93, where sub-wave 5 will equal 76.4% of wave 3. The trend may later turn bearish.
Trading Plan for ETHUSD for Today:
Buy at 2,559.61, Take Profit: 2,814.93.
If you want to learn more about classic wave analysis, check out our in-depth article on Elliott Wave Theory.
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