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 final part of a bullish impulse continues developing. Consider long positions with a Take Profit at 83,132.33.
- XRPUSD: The price is recovering within a sideways correction. Consider long positions with a Take Profit at 1.545.
- ETHUSD: The price may rise in the final part of correction [B]. Long positions can be considered with a Take Profit at 2,462.00.
Elliott Wave Analysis for Bitcoin
Bitcoin is forming a standard zigzag (A)-(B)-(C) on the H4 time frame. The first impulse wave (A) has been completed, and a correction (B) is currently developing as an A-B-C flat pattern. Corrective waves A and B have already been completed, and the price is now rising within the final impulse wave C, potentially toward the 83,132.33 level. At that level, impulse C will be 138.2% of the corrective sub-wave A.
Trading Plan for BTCUSD for Today:
Buy at 76,913.70, Take Profit: 83,132.33
Elliott Wave Analysis for Ripple
XRPUSD continues forming a complex correction (4). Based on its internal structure, it appears to be unfolding as a double zigzag W-X-Y. The final wave Y is developing as a double zigzag [W]-[X]-[Y]. Within wave [Y], a bearish impulse (C) is forming. Within impulse (C), the price is likely correcting as part of wave 4, which is taking the form of a double three pattern. Most likely, the final actionary wave [Y] will complete near the previous high at 1.545. After reaching this level, the market could reverse and begin to decline.
Trading Plan for XRPUSD for Today:
Buy at 1.385, Take Profit: 1.545
Elliott Wave Analysis for Ethereum
ETHUSD is presumably forming a large zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and a complex correction (B) is currently unfolding, likely as a triple zigzag W-X-Y-XX-Z. The final actionary wave Z of (B) may end as a zigzag [A]-[B]-[C]. The final part of correction [B] is currently forming. Based on its internal structure, it is likely to take the shape of a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The price will likely rise to the previous high of 2,462.00 within sub-wave (Z). This level was previously marked by impulse wave A.
Trading Plan for ETHUSD for Today:
Buy at 2,117.15, Take Profit: 2,462.00
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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