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 82,592.71.
- XRPUSD: A rise 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
On the H4 Bitcoin chart, a three-wave zigzag (A)-(B)-(C) is unfolding. Impulse (A) is complete, and correction (B) is now forming. Its structure resembles a double zigzag W-X-Y. The final actionary wave Y is currently unfolding. The first two parts of wave Y are complete, and the price is now rising in impulse [C]. The price will most likely reach the high of 82,592.71. A reversal is expected after the price reaches this level.
Trading Plan for BTCUSD for Today:
Buy at 80,544.24, Take Profit: 82,592.71
Elliott Wave Analysis for Ripple
XRPUSD may be developing 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] are complete, and the final impulse sub-wave [C] is now unfolding. 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 1.501, Take Profit: 1.694
Elliott Wave Analysis for Ethereum
ETHUSD is developing an extended corrective wave in the form of a triple zigzag. After the actionary wave [Y] was completed, the price began to rise within the linking wave [X], which looks like a standard zigzag (A)-(B)-(C). Once the triangular correction (B) ended, the price surged in the final impulse wave (C). The impulse is expected to complete near 2,614.03. At that level, wave (C) will equal 161.8% of wave (A) based on Fibonacci ratios.
Trading Plan for ETHUSD for Today:
Buy at 2,500.44, 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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