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 expected to rise in the final part of correction 4. Consider long positions with a Take Profit at 66,931.90.
- XRPUSD: The price may fall in a bearish impulse wave. Consider short positions with a Take Profit at 0.957.
- ETHUSD: The fifth part of a bullish correction (B) is projected to form. Consider long positions with a Take Profit at 1,978.54.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is forming the final part of a zigzag (A)-(B)-(C). Sub-wave (C) appears to be unfolding as a bearish impulse 1-2-3-4-5. Correction 4 may not be complete yet. Its structure resembles a double zigzag, with the final sub-wave [Y] yet to form. The price may soon rise to the previous high of 69,931.90 and then decline in impulse 5.
Trading Plan for BTCUSD for Today:
Buy at 63,421.90, Take Profit: 69,931.90
Elliott Wave Analysis for Ripple
XRPUSD is currently developing a complex correction (B). It is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first four parts appear to be complete. The actionary wave [Z] is expected to develop as a bearish zigzag (A)-(B)-(C) in the near term. Wave (A) has been completed as an impulse. Correction (B) also appears to have formed as a triangle. The price may decline within impulse (C) to 0.957.
Trading Plan for XRPUSD for Today:
Sell at 0.996, Take Profit: 0.957
Elliott Wave Analysis for Ethereum
ETHUSD is forming a prolonged correction (4), unfolding as a double zigzag W-X-Y. The actionary wave Y may become a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The second linking wave [X] has formed as a triple zigzag of smaller degree. Wave [Z] will likely form as an (A)-(B)-(C) zigzag. Impulse (A) is complete, while correction (B) is still unfolding. Correction (B) appears to be forming as a triple zigzag, with sub-wave Z yet to form. The price will likely rise in wave Z to the previous high set by sub-wave Y.
Trading Plan for ETHUSD for Today:
Buy at 1,896.63, Take Profit: 1,978.54.
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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