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 price may fall in impulse [5]. Consider short positions with a Take Profit at 62,400.16.
- XRPUSD: A corrective wave 4 may continue developing. Consider long positions with a Take Profit at the 1.604 high.
- ETHUSD: The price may decline shortly within impulse [C]. Consider short positions with a Take Profit at 1,769.45.
Elliott Wave Analysis for Bitcoin
Bitcoin is likely forming the initial phase of a bearish zigzag. The first sub-wave (A) is currently unfolding. Within it, sub-waves [1]-[2]-[3]-[4] have already formed. The complex correction [4] has been completed as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Sub-wave [5] is currently unfolding. It may end as an impulse (1)-(2)-(3)-(4)-(5) at around 62,400.16. This level marks the low previously set by sub-wave (X).
Trading Plan forBTCUSDfor Today:
Sell at 75,060.50, Take Profit: 62,400.16
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) may currently be forming. The price is assumed to be correcting within the complex correction 4, which may complete near the 1.604 high. From that level, the price may reverse and start falling in impulse 5.
Trading Plan forXRPUSDfor Today:
Buy at 1.398, Take Profit: 1.604
Elliott Wave Analysis for Ethereum
ETHUSD is presumably forming a large upward zigzag (A)-(B)-(C). The 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]. Sub-wave [C] still needs to form for the structure to be complete. The price will likely decline in impulse [C] to 1,769.45 — the low previously set by the impulse wave [A].
Trading Plan forETHUSDfor Today:
Sell at 2,353.21, Take Profit: 1,769.45
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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