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: Linking wave (X) appears to continue unfolding, presumably to a high of 71,954.63. Consider long positions from the current level with Take Profit at 71,954.63
- XRPUSD: Impulse 3 is expected to reach 0.426. Consider short positions with Take Profit at 0.426.
- ETHUSD: A bearish impulse may end near the previous low. Consider selling from the current level with Take Profit at 2,091.94.
Elliott Wave Analysis for Bitcoin
The BTCUSD is expected to form a large corrective trend in the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z). Apparently, the second linking wave (X) is not completed as the price continues its upward movement. The final impulse wave C of flat A-B-C is likely developing, with subwaves [1]-[2]-[3]-[4] already formed. The final subwave [5] is currently unfolding. Its four parts are likely completed, and the price is expected to continue rising in subwave (5) to a peak of 71,954.63 in the near time. At that level, the price may reverse and start dropping.
Trading plan for BTCUSD for today:
Buy 71,020.00, Take profit: 71,954.63
Elliott Wave Analysis for Ripple
The XRPUSD pair appears to be building a linking wave XX as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Its zigzag-shaped linking wave [X] has already formed, and the first part of actionary wave [Z] is currently unfolding. It may become a simple zigzag (A)-(B)-(C), as shown in the chart. Its bearish impulse wave (A) is likely completed, and the price has corrected in wave (B), which is a double zigzag W-X-Y. The first part of a new bearish impulse is developing in the last segment of the chart. The first bearish target is at a low of 0.426, where impulse subwave 3 may end.
Trading plan for XRPUSD for today:
Sell 0.518, Take profit: 0.426
Elliott Wave Analysis for Ethereum
Ethereum‘s chart shows a breakdown of bearish impulse wave [C] of (B). The first three parts of impulse [C] are fully formed. A corrective wave (4) is likely completed as a double zigzag W-X-Y. A new bearish wave (5) is currently unfolding, presumably as an impulse 1-2-3-4-5, as shown in the chart. The price will likely drop to a low of 2,091.94, marked by impulse (3).
Trading plan for ETHUSD for today:
Sell 2,615.27, Take profit: 2,091.94
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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.