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: A bearish impulse wave is forming. Consider short positions with a Take Profit at 56,635.30.
- XRPUSD: The second half of a bearish impulse wave is unfolding. Consider short positions with a Take Profit at 0.731.
- ETHUSD: the price is declining within a downward wave that appears to be an impulse. Short positions can be considered with a Take Profit at 1,448.41.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is forming a large zigzag (A)-(B)-(C). Its first impulse wave (A) has formed. Correction (B) also appears to be complete. Wave (B) has taken the form of a double zigzag W-X-Y. Most likely, the latest section of the chart shows a decline within a bearish impulse wave. Its first two sub-waves, 1 and 2, have already formed. Sub-wave 3 is now unfolding. If this scenario is correct, the price may decline to 56,635.30 in the near term, after which a minor correction could develop in sub-wave [4].
Trading Plan for BTCUSD for Today:
Sell at 63,670.46, Take Profit: 56,635.30
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. Within impulse (C), correction 4 appears to have recently been completed in the form of a double zigzag. The price is currently declining within a bearish wave that appears to be an impulse. The downward movement in sub-waves [3]-[4]-[5] may continue to the 0.731 level.
Trading Plan for XRPUSD for Today:
Sell at 1.170, Take Profit: 0.731
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]. Correction [B] may have been completed recently, likely as a double zigzag. The latest section of the chart suggests that a bearish impulse wave is developing. Its first two segments, sub-waves (1) and (2), have already been completed. Sub-wave (3) is currently unfolding. The price may decline to the 1,448.41 level.
Trading Plan for ETHUSD for Today:
Sell at 1,777.09, Take Profit: 1,448.41
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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