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: The price continues to decline in impulse 5. Consider short positions with a Take Profit at 57,926.00.
- XRPUSD: The second half of a bearish impulse wave is unfolding. Consider short positions with a Take Profit at 0.894.
- ETHUSD: The price is declining in impulse 5. Consider short positions with a target at 1,500.16.
Elliott Wave Analysis for Bitcoin
Bitcoin continues forming a standard zigzag corrective pattern (A)-(B)-(C). Impulse wave (A) and correction (B), which took the form of a double zigzag W-X-Y, have been completed. In the latest part of the chart, the price is declining within impulse (C). Within this impulse, correction 4 has presumably been completed in the form of a zigzag [A]-[B]-[C]. In the near term, the price is expected to decline in sub-wave 5, which may complete near the 57,926.00 low — the level where impulse sub-wave [3] previously ended.
Trading Plan for BTCUSD for Today:
Sell at 59,476.00, Take Profit: 57,926.00
Elliott Wave Analysis for Ripple
XRPUSD is likely forming a global bullish impulse, within which correction (4) is unfolding as a double zigzag W-X-Y. The final wave Y is developing as a double zigzag [W]-[X]-[Y]. Within wave [Y], bearish impulse (C) is developing. Correction 4 of (C) is likely complete as a double zigzag. Wave 5 is expected to unfold as an impulse [1]-[2]-[3]-[4]-[5]. The price may decline within sub-wave [5] to 0.894. At that level, the size of wave 5 will be 61.8% of wave 3.
Trading Plan for XRPUSD for Today:
Sell at 1.041, Take Profit: 0.894
Elliott Wave Analysis for Ethereum
ETHUSD is forming a major triple zigzag correction [W]-[X]-[Y]-[X]-[Z]. At the time of writing, sub-waves [W]-[X]-[Y]-[X] are complete. The second linking wave [X] has formed as a triple zigzag of a smaller degree. The first part of wave [Z] is unfolding in the last segment of the chart. This wave will most likely become a zigzag (A)-(B)-(C). Within impulse wave (A), correction 4 has been completed in the form of a zigzag. The price is currently declining within sub-wave 5. Its completion is expected near the previous low of 1,500.16 — the level where impulse sub-waves 3 and [3] previously ended.
Trading Plan for ETHUSD for Today:
Sell at 1,585.82, Take Profit: 1,500.16
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. 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 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
