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 may rise in impulse [5] to the previous high. Consider long positions with a Take Profit at 82,857.77.
- XRPUSD: Expect the asset to rise within wave [E] of the triangular correction. Consider long positions with a Take Profit at 1.476.
- ETHUSD: The price is projected to rise within wave (Z) of correction [B]. Long positions can be considered with a Take Profit at 2,462.00.
Elliott Wave Analysis for Bitcoin
Bitcoin is forming a large zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and correction (B) is currently unfolding as an A-B-C flat pattern. Corrective waves A and B have already formed, and the price is currently rising within the final impulse wave C. Within impulse wave C, correction [4] may have recently completed in the form of a triple zigzag. The price may now be rising in the early stage of the final wave [5]. Wave [5] could develop as an impulse and complete near the 82,857.77 high.
Trading Plan for BTCUSD for Today:
Buy at 73,635.80, Take Profit: 82,857.77
Elliott Wave Analysis for Ripple
XRPUSD is likely forming a large bullish impulse, within which correction (4) is unfolding as a double zigzag W-X-Y. At the moment, the final wave Y is forming as a double zigzag [W]-[X]-[Y]. Within wave [Y], bearish impulse (C) is developing. Correction 4 within impulse (C) is likely forming as a contracting triangle [A]-[B]-[C]-[D]-[E]. The first four parts of the triangle have already been completed, and the price is expected to rise in sub-wave [E] to 1.476 in the near term. At this level, wave [E] will reach 76.4% of wave [D] according to Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Buy at 1.322, Take Profit: 1.476
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large zigzag (A)-(B)-(C). Apparently, impulse (A) has been completed, and a complex correction (B) is currently forming as a triple zigzag W-X-Y-XX-Z. The final actionary wave Z of (B) may end as a zigzag [A]-[B]-[C]. The final part of correction [B] is currently unfolding. Based on its internal structure, it is likely to take the shape of a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The linking wave (XX) may have recently formed, and the first part of wave (Z) now appears to be developing. The entire actionary wave (Z) could complete near the 2,462.00 high marked by sub-wave (Y).
Trading Plan for ETHUSD for Today:
Buy at 2,004.40, Take Profit: 2,462.00
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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