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 fifth wave of the bullish impulse within correction (B) may be nearing completion. Consider long positions with a Take Profit at 81,021.58.
- XRPUSD: Impulse (C) is projected to continue developing. Consider short positions with a Take Profit at 1.135.
- ETHUSD: The price may rise in the final part of correction [B] in the coming days. Consider long positions with a target of 2,642.00.
Elliott Wave Analysis for Bitcoin
From a global perspective, Bitcoin is likely forming a large bearish zigzag (A)-(B)-(C). The first part, a bearish impulse (A), has been completed. A correction (B) may now be forming, likely as a flat pattern A-B-C. Corrective waves A and B have already been completed. The price is currently rising in the final impulse wave C and is likely to climb to the 81,021.58 level, where wave C will reach 123.6% of corrective wave A.
Trading Plan for BTCUSD for Today:
Buy at 77,865.00, Take Profit: 81,021.58.
Elliott Wave Analysis for Ripple
In the medium term, XRPUSD is developing a prolonged correction (4) in the form of a double zigzag W–X–Y. The final wave Y is unfolding as a double zigzag [W]–[X]–[Y]. Within wave [Y], a bearish impulse wave (C) is currently forming. The price is likely correcting within a complex wave 4, made of sub-waves [W]-[X]-[Y]. It is expected to be completed shortly. Afterward, a decline in impulse 5 may start. Consider short positions, targeting the 1.135 low.
Trading Plan for XRPUSD for Today:
Sell at 1.415, Take Profit: 1.135
Elliott Wave Analysis for Ethereum
ETHUSD is likely forming a large upward zigzag (A)-(B)-(C). Its first impulse wave (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 correction [B] may be unfolding. Based on its internal structure, correction [B] is likely to complete as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The price may rise to the 2,462.00 level, that is, to the previous high, within sub-wave (Z).
Trading Plan for ETHUSD for Today:
Buy at 2,324.25, 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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