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 continues to decline in correction (2) toward 55901.27. Consider short trades at the current level with a take-profit order placed at 55901.27.
- XRPUSD: the price grows 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 is forming the final part of 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 55901.27, where the wave (2) will retrace 50.0% of the impulse wave (1).
Trading plan for BTCUSD for today:
Sell: 60845.94, Take profit: 55901.27
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 0.597, Take profit: 0.654
Elliott Wave analysis for Ethereum
The ETHUSD pair is developing a 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 near the high of 2771.35.
Trading plan for ETHUSD for today:
Buy 2625.63, 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.