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 fall in sub-wave [5] of the bearish impulse. Short trades can be opened with a target of 59,029.80.
- XRPUSD: The second half of the bearish impulse is developing. Consider short positions with a target of 0.894.
- ETHUSD: A decline in the fifth part of the impulse is possible. Short positions can be considered with a target at 1,501.11.
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, with sub-waves [1]-[2]-[3]-[4] developed. Now, the price is sliding to a low of 59,029.80 in sub-wave [5]. After that, a minor correction within wave 4 is projected.
Trading Plan for BTCUSD for Today:
Sell 61,411.75, Take profit: 59,029.80
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. Ripple is trading within a bearish impulse wave 5. 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 1.105, 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. Within the impulse wave (A), the fifth part of sub-wave 3 is forming. It is likely to end around 1,501.11.
Trading Plan for ETHUSD for Today:
Sell 1,626.54, Take profit: 1,501.11
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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