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: A bullish correction (B) is expected to complete. Consider long positions with a Take Profit at 79,546.18.
- XRPUSD: An upward move in impulse [C] within correction XX is projected. Consider long positions with a Take Profit at 1.694.
- ETHUSD: A rise in the fifth part of a bullish impulse is expected. Consider long positions with a Take Profit at 2,614.03.
Elliott Wave Analysis for Bitcoin
The current Bitcoin chart shows a zigzag pattern (A)-(B)-(C). Impulse (A) has already been completed. Correction (B) may be forming now as a double zigzag W-X-Y. The final actionary wave Y is currently developing. The first two parts of wave Y have already been completed, and the price is now rising in the final impulse wave [C]. The price will most likely rise to the high of 79,546.18. A reversal is expected once the price reaches this level.
Trading Plan for BTCUSD for Today:
Buy at 77,058.09, Take Profit: 79,546.18
Elliott Wave Analysis for Ripple
XRPUSD continues to develop a complex correction (B) in the form of a triple zigzag W-X-Y-XX-Z. The first three parts of this complex structure have most likely been completed. The linking wave XX appears to be developing as a zigzag consisting of sub-waves [A]-[B]-[C]. Impulse [A] and correction [B] have already been completed. The final impulse sub-wave [C] is currently developing. The price is expected to rise toward the previous high of 1.694 in the final part of impulse [C].
Trading Plan for XRPUSD for Today:
Buy at 1.471, Take Profit: 1.694
Elliott Wave Analysis for Ethereum
ETHUSD is expected to continue developing an extended corrective wave in the form of a triple zigzag. The current chart shows the second half of this pattern. After the actionary wave [Y] was completed, the price began to rise within the linking wave [X], which appears to be a standard zigzag (A)-(B)-(C). After the triangular correction (B) was completed, the price surged in the final impulse wave (C). The impulse may be completed near 2,614.03. At this level, wave (C) will reach the 161.8% Fibonacci extension of wave (A).
Trading Plan for ETHUSD for Today:
Buy at 2,451.59, Take Profit: 2,614.03.
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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