Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 23.02.2022

Dear readers,

I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis. Also, I’ve provided trading recommendations and entry points for each cryptocurrency pair.

Bearish impulsive waves are half-formed and continue unfolding in the three cryptocurrency charts.

The article covers the following subjects:

Elliott Wave analysis for Bitcoin

After an upward linking wave X formed as a double zigzag [W]-[X]-[Y], the market started following a new bearish trend. Most likely, we see the first part of momentum unfolding. It might trigger a bigger pattern formation. Subwaves (1) and (2) formed as part of potential momentum. Impulsive wave (3) is currently developing and might end at 35515.00.

Trading plan for BTCUSD for today:

Sell 38128.50, Take profit: 35515.00.


Elliott Wave analysis for Ripple

After an ascending linking wave XX formed, the market turned down following a new trend. Bearish impulse [1]-[2]-[3]-[4]-[5] appears to be developing in the last chart segment. The middle part of the impulsive subwave [3] — subwave (3) — is forming now. The subwave (3) will likely end at 0.646, and a small correction might then develop.

Trading plan for XRPUSD for today:

Sell 0.714, Take profit: 0.646.


Elliott Wave analysis for Ethereum

After an upward linking wave XX formed as a double zigzag [W]-[X]-[Y], a new bearish trend started developing in the ETHUSD chart. Most likely, a downward wave [A] is currently unfolding as impulse (1)-(2)-(3)-(4)-(5). The middle part of the impulse — subwave (3) — is developing now. It’s supposed to end at level 2355.00, marked by a small correction B.

Trading plan for ETHUSD for today:

Sell 2654.62, Take profit: 2355.00.


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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

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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.

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