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). Apparently, the impulse wave (A) and correction (B), which took the form of a double zigzag W-X-Y, have already formed. Most likely, the latest section of the chart shows a decline within an impulse wave. Sub-waves 1 and 2 have been completed, and sub-wave 3 is currently unfolding. The price may decline to 56,635.30 in the near term, after which a minor corrective wave [4] may develop.
Trading Plan for BTCUSD for Today:
Sell at 63,047.59, Take Profit: 56,635.30
Elliott Wave Analysis for Ripple
XRPUSD continues forming a large 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. Within impulse (C), correction 4 has likely been completed recently in the form of a double zigzag. A bearish impulse is projected to develop. The price may decline within sub-waves [3]-[4]-[5] to 0.731.
Trading Plan for XRPUSD for Today:
Sell at 1.133, Take Profit: 0.731
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large zigzag (A)-(B)-(C) in the long term. 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 recently been completed, likely as a double zigzag. In the latest section of the chart, a bearish impulse is developing, within which sub-waves (1)-(2) have already formed. Sub-wave (3) is currently unfolding, with the price expected to decline to around 1,448.41.
Trading Plan for ETHUSD for Today:
Sell at 1,729.80, 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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