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 is declining in impulse (C). Consider short positions with a Take Profit at 62,443.40.
- XRPUSD: The price may rise in a bullish correction. Consider long positions with a Take Profit at 1.241.
- ETHUSD: The price continues to rise in the linking wave [X]. Consider long positions with a Take Profit at 2,129.52.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is forming a simple zigzag (A)-(B)-(C). The corrective wave (B) has most likely been completed as a double zigzag. The latest section of the chart shows a decline within the bearish impulse (C). The middle part of this impulse is likely to end near the previous low of 62,443.40.
Trading Plan for BTCUSD for Today:
Sell at 68,711.10, Take Profit: 62,443.40
Elliott Wave Analysis for Ripple
In the long term, XRPUSD is developing a correction in the form of a simple zigzag. Its corrective wave (B) is currently unfolding as a triple zigzag W-X-Y-XX-Z. The current chart shows that the linking wave XX has been completed, after which the price began to decline. A bearish zigzag [A]-[B]-[C] may be forming. Impulse [A] is likely to be completed soon, after which a corrective wave [B] will begin. The expected correction may reach 38.2% of wave [A]. Thus, the price may rise to the level of 1.241.
Trading Plan for XRPUSD for Today:
Buy at 1.019, Take Profit: 1.241
Elliott Wave Analysis for Ethereum
In the long term, ETHUSD is developing a triple zigzag correction [W]-[X]-[Y]-[X]-[Z]. The H4 chart shows that the linking wave [X] has been completed. In the latest section of the chart, a new bearish wave is forming. It appears to be unfolding as a triple zigzag of a smaller degree. The actionary wave [Y] has recently been completed, and an upward movement within the linking wave [X] is now beginning. The price will most likely rise to the level of 2,129.52. At this level, wave [X] will reach 38.2% of wave [Y].
Trading Plan for ETHUSD for Today:
Buy at 1,929.03, Take Profit: 2,129.52
If you want to learn more about classic wave analysis, check out our in-depth article on Elliott Wave Theory.
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