Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The three cryptocurrencies continue trading according to the scenarios outlined previously.
The article covers the following subjects:
Major Takeaways
- BTCUSD: A decline in the bearish impulse wave (C) continues. Consider short positions from the current level with Take Profit at 80,138.95.
- XRPUSD: The ascending wave D is expected to form in a triangle. Consider long positions with Take Profit at 2.681.
- ETHUSD: The pair may decline to 2,163.05 in impulse (C). Consider selling from the current level with Take Profit at a low of 2,163.05.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. The sideways correction (4) is in progress in the form of the horizontal double three pattern W-X-Y. Its first subwave W is complete, and the sideways correction X is formed as an expanding triangle. The final wave Y could be in progress. It may form as a double zigzag [W]-[X]-[Y] at around 80,138.95, where its size will be 123.6% of impulse (A) according to the Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Sell 84,927.09, Take profit: 80,138.95
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Its large impulse subwave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. It will most likely form as a contracting triangle A-B-C-D-E, as shown in the chart. Wave C has formed recently, followed by growth in wave D, which may develop as a zigzag. The price will likely rise to 2.681.
Trading Plan for XRPUSD for Today:
Buy 2.194, Take profit: 2.681
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD seems to show the large correction (B), developing as a double zigzag W-X-Y. Its final wave Y is unfolding as a double zigzag [W]-[X]-[Y], whose first two parts are fully formed. The final subwave [Y] is currently in progress, presumably as a zigzag (A)-(B)-(C). It may end at around 2163.05. At that level, the size of wave (C) will be 50% of wave (A).
Trading Plan for ETHUSD for Today:
Sell 2,335.03, Take profit: 2,163.05
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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Price chart of BTCUSD in real time mode
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