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: expect growth in correction [2] to 61,406.67 and consider a long position.
- XRPUSD: a descending impulse is developing at the moment, with wave [1] completed as its part. The price is currently growing in correction [2] to 0.596. Long positions could be opened.
- ETHUSD: an ascending corrective wave 2 is unfolding and will probably end at around 2,648.56. Long positions could be considered.
Elliott Wave analysis for Bitcoin
The BTCUSD appears to be forming a descending wave С as an impulse [1]-[2]-[3]-[4]-[5]. This impulse began developing after a bullish corrective wave B formed as a zigzag [A]-[B]-[C]. The price dropped in impulse wave [1] recently. Most likely, a minor ascending correction [2] is currently developing and may end at around 61,406.67. At that level, the size of wave [2] will be 50% of wave [1] according to Fibonacci lines. Next, the price may decline in descending wave [3].
Trading plan for BTCUSD for today:
Buy: 59,183.30, Take profit: 61,406.67
Elliott Wave analysis for Ripple
The XRPUSD is forming a large bullish zigzag (А)-(В)-(С). Its corrective wave (B) is currently unfolding. Subwaves A and B are fully completed, and the price appears to be falling in the first part of impulse C, which consists of subwaves [1]-[2]-[3]-[4]-[5]. Once the corrective wave [1] formed, the ascending correction [2] started developing. Second waves of impulses usually form as deep corrections, reaching more than 50% of a previous wave according to Fibonacci ratios. So, the price may rise in the current correction [2] to 61.8% of the wave [1] according to Fibonacci ratios, i.e. the level of 0.596.
Trading plan for XRPUSD for today:
Buy 0.558, Take profit: 0.596
Elliott Wave analysis for Ethereum
The ETHUSD is most likely developing a large bearish zigzag [A]-[B]-[C], in which impulse [C] is currently unfolding. This wave includes waves of smaller degree (1)-(2)-(3)-(4)-(5). The ascending zigzag (4) has formed recently, and then impulse (5) started unfolding. It includes subwaves 1-2-3-4-5. The wave 1 is fully completed, and a minor ascending correction 2 is developing at the moment, projected to end at around 2,648.56. At that level, the size of wave 2 will be 61.8% of wave 1 based on Fibonacci ratios.
Trading plan for ETHUSD for today:
Buy 2,521.52, Take profit: 2,648.56
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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.