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 continues correcting. The final third part of the correction is expected. Consider opening short positions from the current level with Take Profit at 93,400.00.
- XRPUSD: A small impulse subwave has formed, and the price is correcting in subwave [2]. Consider short positions with Take Profit at 2.137.
- ETHUSD: Correction 4 continues. Consider selling from the current level with Take Profit at 3,510.10.
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). Impulse (1) and correction (2) have formed. An impulse wave (3) is also completed. The price is currently falling in correction (4), which will likely become a double three pattern. Its linking wave X is most likely completed, and the price may plunge shortly in the final wave Y to a level of 93,400.00, located on the support line.
Trading Plan for BTCUSD for Today:
Sell 105,398.94, Take profit: 93,400.00
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. Apparently, the price has finished declining in correction 4, developed as a flat. The first part of an impulse wave 5 is forming at the moment. Its first small subwave [1] is completed, and correction [2] is currently unfolding. Its size may reach 61.8% of wave [1] according to Fibonacci lines. Thus, the price may correct to a level of 2.137.
Trading Plan for XRPUSD for Today:
Sell 2.323, Take profit: 2.137
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 impulse wave 3 also appears to be completed, and the first part of correction 4 is unfolding at the moment. Correction 4 will likely form as a double three pattern [W]-[X]-[Y], as shown in the chart. The final actionary wave [Y] may end near the low of the previous actionary wave [W]. Thus, the price is projected to fall to 3,510.00 in subwave [Y].
Trading Plan for ETHUSD for Today:
Sell 3,998.22, Take profit: 3,510.00
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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.
