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 is rising in the third part of a bullish correction. Long trades can be opened with a target of 66,585.00.
- XRPUSD: The second half of the bearish impulse is developing. Consider short positions with a target of 0.894.
- ETHUSD: The price may rise in the third part of a bullish correction. Long positions can be considered with a target of 1,834.00.
Elliott Wave Analysis for Bitcoin
On the 4-hour chart, Bitcoin is forming a major zigzag (A)-(B)-(C). Most likely, impulse wave (A) ended, and correction (B) finished as a double zigzag W-X-Y. The price is declining in impulse wave (C). Sub-waves 1, 2, and 3 have already developed, and corrective sub-wave 4 is underway. Within corrective wave 4, impulse wave [A] and correction [B] have concluded. The price is currently rising in impulse wave [C]. The price may rise to 66,585.00. At this level, correction 4 will retrace 50% of wave 3.
Trading Plan for BTCUSD for Today:
Buy 65,843.54, Take profit: 66,585.00
Elliott Wave Analysis for Ripple
On the 4-hour chart, XRPUSD continues forming a large bullish impulse, within which correction (4) is unfolding as a double zigzag W-X-Y. The final wave Y is developing as a double zigzag [W]-[X]-[Y]. Within wave [Y], bearish impulse (C) is developing. Within impulse (C), correction 4 has likely been completed recently in the form of a double zigzag. Ripple is expected to decline in a bearish impulse wave 5. The price may decline within sub-waves [4] and [5] to 0.894. At this level, wave 5 will equal 61.8% of wave 3.
Trading Plan for XRPUSD for Today:
Sell 1.177, Take profit: 0.894
Elliott Wave Analysis for Ethereum
On the 4-hour chart, ETHUSD is forming a large triple zigzag [W]-[X]-[Y]-[X]-[Z]. Sub-waves [W]-[X]-[Y]-[X] have ended. The second linking wave [X] has become a triple zigzag. The initial part of the wave [Z] is likely developing as a zigzag (A)-(B)-(C). Within the impulse wave (A), the third part of correction 4 is underway. Sub-wave 4 is likely to end near 1,834.00. At this level, wave 4 will retrace 38.2% of wave 3.
Trading Plan for ETHUSD for Today:
Buy 1,717.28, Take profit: 1,834.00
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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