Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price may rise in the fifth part of impulse (3). Consider long positions from the current level with Take Profit at 117,117.00
- XRPUSD: Expect an increase toward the previous high. Consider long positions with Take Profit at 2.899.
- ETHUSD: Bullish momentum will likely drive the price upwards. Consider buying from the current level with Take Profit at 4,586.80.
Elliott Wave Analysis for Bitcoin
BTCUSD has presumably formed a correction [4] as a double zigzag (W)-(X)-(Y). A new bullish wave is developing in the last segment of the chart, potentially as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and the strongest impulse wave (3) may be unfolding at the moment. Subwaves 1-2-3-4 are formed within impulse (3), and the final subwave 5 has presumably started developing, expected to end at around 117,117.00. At this level, the size of subwave 5 will be 61.8% of impulse 3. Consider long positions in this scenario.
Trading Plan for BTCUSD for Today:
Buy 106,557.52, Take profit: 117,117.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). A powerful impulse subwave (3) is presumably unfolding, with subwaves 1-2-3 potentially completed as its parts. A decline within correction 4 is most likely completed, and the first part of an impulse wave 5 is forming at the moment. The first small subwave [1] has formed, and a small correction [2] has likely formed as well. Thus, the price is anticipated to grow in wave [3] in the near time, probably above the high of 2.899. Consider long positions in this scenario.
Trading Plan for XRPUSD for Today:
Buy 2.501, Take profit: 2.899
Elliott Wave Analysis for Ethereum
Ethereum has presumably formed a complex correction (B) as a double zigzag W-X-Y. Wave (C) is currently developing as an impulse 1-2-3-4-5. Its subwaves 1 and 2 — a leading diagonal and a zigzag — have formed. An ascending impulse wave 3, which consists of subwaves [1]-[2]-[3]-[4]-[5], may be developing at the moment. Its first four subwaves look completed, and the price may be rising in subwave [5], which will likely reach a level of 4,586.80. At this level, impulses [3] and [5] will be of the same size. Consider long positions in this scenario.
Trading Plan for ETHUSD for Today:
Buy 4,006.66, Take profit: 4,586.80
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Price chart of BTCUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
