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: Expect a decline in an impulse wave 5. Consider short positions with a Take Profit at 57,364.54.
- XRPUSD: The price may fall in a bearish impulse wave. Consider short positions with a Take Profit at 0.855.
- ETHUSD: A new bearish wave is projected to develop. Consider short positions with a Take Profit at 1,409.08.
Elliott Wave Analysis for Bitcoin
The current Bitcoin chart shows the final part of a bearish zigzag (A)-(B)-(C). The final sub-wave (C) is unfolding as a bearish impulse 1-2-3-4-5. Correction 4 may have been completed as a double zigzag. The price may now begin to decline within sub-wave 5, which will likely unfold as an impulse, as shown on the chart. Wave 5 is expected to end near 57,364.54. At that level, the size of wave 5 will be 61.8% of wave 3 according to Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Sell at 69,337.51, Take Profit: 57,364.54
Elliott Wave Analysis for Ripple
XRPUSD continues to develop a complex correction (B), which is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts appear to be complete. The actionary wave [Z] is expected to develop as a bearish zigzag (A)-(B)-(C) in the near term. Wave (A) has been completed as an impulse. Correction (B) may also be complete and appears to have formed as a double three W-X-Y. In the near term, the price may decline within impulse (C), whose potential structure is outlined by trend lines. The price will likely decline to 0.855. At this level, wave (C) will equal 50% of wave (A).
Trading Plan for XRPUSD for Today:
Sell at 1.096, Take Profit: 0.855
Elliott Wave Analysis for Ethereum
ETHUSD is likely forming a prolonged correction (4), unfolding as a double zigzag W-X-Y. The 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) has been completed, and correction (B) also appears to have ended. It has formed as a triple zigzag. In the near term, the price may decline within wave (C), which will likely form as an impulse and end near 1,409.08. At this level, waves (A) and (C) will be equal.
Trading Plan for ETHUSD for Today:
Sell at 2,235.90, Take Profit: 1,409.08.
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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