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: the pair is expected to continue declining in correction (2) toward 54291.00. Consider short trades at the current level with a take-profit order placed at 54291.00.
- XRPUSD: the price is expected to grow in the impulse wave (C) to the high of 0.654. Consider long trades at the current level, taking profits at 0.654.
- ETHUSD: the price continues to trade in correction (4). Consider long trades with a take-profit order at 2771.35.
Elliott Wave analysis for Bitcoin
The BTCUSD pair may have completed correction [4] as a standard zigzag (A)-(B)-(C). The most recent part of the chart shows the initial part of a new bullish trend. The first impulse sub-wave (1) has finished. Correction (2) is underway, taking the shape of a double zigzag W-X-Y. The correction may drag the price to 54291.00, where it will retrace 61.8% of the impulse wave (1).
Trading plan for BTCUSD for today:
Sell 58475.62, Take profit: 54291.00
Elliott Wave analysis for Ripple
The XRPUSD pair may form a linking wave [X] as a standard zigzag (A)-(B)-(C). The impulse sub-wave (A) is completed. Correction (B) has also ended as an A-B-C zigzag. The price is rising within the last impulse wave (C). Most likely, sub-waves 1-2-3 are completed, and correction 4 is nearing the end. Therefore, the price may soar in the sub-wave 5 towards the high of 0.654.
Trading plan for XRPUSD for today:
Buy 0.562, Take profit: 0.654
Elliott Wave analysis for Ethereum
The ETHUSD pair is developing a prolonged and complex correction (B) as a double zigzag W-X-Y. The current zigzag wave Y, consisting of sub-waves [A]-[B]-[C], can be formed. An impulse wave [A] and correction [B] have been completed, while the last sub-wave [C] is in progress. Correction (4) is forming within the impulse wave [C]. The correction is expected to complete at the high of 2771.35.
Trading plan for ETHUSD for today:
Buy 2620.67, Take profit: 2771.35
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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.