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 a corrective move. Consider long positions with Take Profit at 76,751.95.
- XRPUSD: The price is expected to rise in zigzag (Z). Consider long positions with Take Profit at 1.5753.
- ETHUSD: The price is expected to rise in a bullish correction [E]. Consider short positions with Take Profit at 2,389.36.
Elliott Wave Analysis for Bitcoin
Bitcoin is forming the final part of a large bearish impulse (A). At the moment, sub-wave 5 is developing, consisting of five smaller waves. A corrective wave [4] is currently forming. Based on its slight upward slope and complex structure, it appears to be a triple three. To be fully complete, this pattern requires wave (Z), which may end near 76,751.95. Once the correction has ended, the price may decline in impulse [5].
Trading Plan for BTCUSD for Today:
Buy 71,356.25, Take Profit: 76,751.95
Elliott Wave Analysis for Ripple
XRPUSD is forming a prolonged sideways correction in the form of a contracting horizontal triangle. The first four parts of this pattern have already been completed. After sub-wave [D] formed, the price began to rise in wave [E] toward the 1.5752 level.
Trading Plan for XRPUSD for Today:
Buy 1.4122, Take Profit: 1.5753
Elliott Wave Analysis for Ethereum
ETHUSD continues to form a large bearish correction as a triple zigzag W-X-Y-XX-Z. Zigzag Z is currently developing, within which a corrective wave [B] is forming. It appears to be a triple three (W)-(X)-(Y)-(XX)-(Z). Wave (XX) looks complete, and a small upward zigzag (Z) is now unfolding. It may end near 2,389.36. This high was previously marked by wave (Y).
Trading Plan for ETHUSD for Today:
Buy 2171.19, Take profit: 2389.36
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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