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 small upward correction is forming. Consider long trades with a Take Profit at 64,800.00.
- XRPUSD: The second half of a bearish impulse wave is unfolding. Consider short trades with a Take Profit at 0.894.
- ETHUSD: The price is expected to rise within the corrective wave. Long trades can be considered with a Take Profit at 1 702.60.
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 the impulse wave (C). Sub-waves 1 and 2 have been completed, and sub-wave 3 is currently unfolding. Three parts of the impulse sub-wave 3 have developed. Now, the price is climbing toward 64,800.00 within the corrective sub-wave [4], which will likely equal 38.2% of wave [3].
Trading Plan for BTCUSD for Today:
Buy 62,542.90, Take profit: 64,800.00
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 [4] and [5] to 0.894. At this level, wave 5 will equal 61.8% of wave 3.
Trading Plan for XRPUSD for Today:
Sell 1.132, Take profit: 0.894
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large triple zigzag [W]-[X]-[Y]-[X]-[Z]. Sub-waves [W]-[X]-[Y]-[X] have ended. The second linking wave [X] has become a triple zigzag. The initial part of the wave [Z] is likely developing as a zigzag (A)-(B)-(C) in the latest section of the chart. Three out of five parts of the impulse wave (A) have been completed. The corrective wave 4 is now underway and may end around 1,702.60, where it will equal 23.6% of wave 3 based on Fibonacci levels.
Trading Plan for ETHUSD for Today:
Buy 1,649.10, Take profit: 1,702.60
If you want to learn more about classic wave analysis, check out our in-depth article on the Elliott Wave Theory.
P.S. Did you like my article? Share it in social networks: it will be the best "thank you" :)
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. 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 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
