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 82,500.00.
- XRPUSD: The price is rising 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 2,452.00.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is forming a standard zigzag (A)-(B)-(C). The first impulse wave (A) has already formed, and correction (B) is currently developing as an A-B-C flat pattern. The corrective waves A and B have been completed, and the price is now rising within the final impulse wave C, potentially toward the 82,500.00 level. At that level, the impulse wave [5] will reach 50% of the previous impulse wave [3].
Trading Plan for BTCUSD for Today:
Buy at 77,290.10, Take Profit: 82,500.00
Elliott Wave Analysis for Ripple
From a global perspective, XRPUSD is forming a bullish impulse, within which a complex correction (4) is currently developing. This correction 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. Once this level is reached, the trend may reverse, and the price may decline within the final sub-wave 5.
Trading Plan for XRPUSD for Today:
Buy at 1.349, Take Profit: 1.545
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large zigzag pattern (A)-(B)-(C). Apparently, impulse (A) has been completed, and a complex correction (B) is currently forming, 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 the 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 2,452.00 within sub-wave (Z). This level was previously marked by impulse wave A.
Trading Plan for ETHUSD for Today:
Buy at 2,104.24, Take Profit: 2,452.00
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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