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 sub-wave Z to the previous high. Consider long positions with a Take Profit at 82,857.77.
- XRPUSD: Expect the asset to rise within wave [Z] of the sideways correction. Consider long positions with a Take Profit at 1.545.
- ETHUSD: The price is projected to rise within wave (Z) of [B]. Long positions can be considered with a Take Profit at 2,462.00.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is forming a large zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and correction (B) is currently unfolding as a triple zigzag W-X-Y-XX-Z. The first four parts of this triple zigzag appear to be fully completed. Recently, the price corrected in the linking wave XX, which has taken the form of a double zigzag. In the near term, the market may see a reversal and the beginning of an upward wave Z. Bulls may target the previous high marked by sub-wave Y.
Trading Plan for BTCUSD for Today:
Buy at 67,170.38, Take Profit: 82,857.77
Elliott Wave Analysis for Ripple
In the long term, XRPUSD is forming a large bullish impulse, within which correction (4) is unfolding as a double zigzag W-X-Y. The final wave Y is forming as a double zigzag [W]-[X]-[Y]. Within wave [Y], bearish impulse (C) is developing. Correction 4 is presumably unfolding as a triple three pattern within impulse (C). The first four parts of this correction have already been completed, and the price is expected to rise in sub-wave [Z] to 1.545 in the near future. At this level, the actionary wave [Y] previously ended.
Trading Plan for XRPUSD for Today:
Buy at 1.226, Take Profit: 1.545
Elliott Wave Analysis for Ethereum
In the long term, 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 forming. 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 forming. 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 1,869.16, 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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