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 57,654.73.
- XRPUSD: The price may fall in a bearish impulse wave. Consider short positions with a Take Profit at 0.981.
- ETHUSD: A new bearish wave is projected to develop. Consider short positions with a Take Profit at 1,505.30.
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 57,654.73, the level where impulse wave 3 previously ended.
Trading Plan for BTCUSD for Today:
Sell at 75,181.48, Take Profit: 57,654.73
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) has presumably also ended, taking the form of a double three W-X-Y. The price is expected to decline in the near term within impulse (C) toward 0.981. This low was marked by linking wave X.
Trading Plan for XRPUSD for Today:
Sell at 1.303, Take Profit: 0.981
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 ended, and correction (B), which took the form of a triple zigzag, also appears to be complete. In the near term, the price may decline within a potential impulse (C) toward 1,505.30. This level was set by the previous impulse wave (A).
Trading Plan for ETHUSD for Today:
Sell at 2,350.60, Take Profit: 1,505.30.
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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