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 be correcting to the downside. Consider short positions from the current level with Take Profit at 91,965.00.
- XRPUSD: A decline to a low of 1.897 is expected. Consider short positions with Take Profit at 1.897.
- ETHUSD: A decline to a low of 3,083.00 is expected. Consider selling from the current level with Take Profit at 3,083.00.
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. It may form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and an impulse wave (3) may have formed as well. So, the price is likely correcting in wave (4), which is expected to develop as a standard zigzag A-B-C near a low of 91,965.00.
Trading Plan for BTCUSD for Today:
Sell 94,804.08, Take profit: 91,965.00.
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 complex correction 4 is likely forming as a double zigzag [W]-[X]-[Y]. Its first two parts are completed, and the price is expected to drop in subwave [Y] to a low of 1.897 soon.
Trading Plan for XRPUSD for Today:
Sell 2.155, Take profit: 1.897
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. Apparently, an ascending wave 3 has recently formed as an impulse [1]-[2]-[3]-[4]-[5]. Thus, correction 4, which may end as a zigzag [A]-[B]-[C] is unfolding in the last segment of the chart. Once a corrective subwave [B] is formed, the price is projected to decline in impulse [C] to a low of 3,083.00.
Trading Plan for ETHUSD for Today:
Sell 3,255.25, Take profit: 3,083.00.
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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.
