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 last part of impulse 5 appears to be developing. Consider short positions with Take Profit at 60,915.12.
- XRPUSD: The price continues to decline in impulse (C). Consider short positions with Take Profit at the 1.134 low.
- ETHUSD: Expect a decline in impulse [C]. Consider short positions with Take Profit at 1,772.48.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is likely forming a bearish zigzag (A)-(B)-(C). The H4 time frame shows the structure of the first impulse (A). Its first four parts have likely formed, while the final impulse wave 5 is still unfolding. Within impulse wave 5, sub-waves [1]-[2]-[3]-[4] have been completed. Correction [4] is a double zigzag. The price is expected to decline in sub-wave [5] to around 60,915.12 in the near term. At that level, the size of wave [5] will reach 50% of wave [3].
Trading Plan for BTCUSD for Today:
Sell 67,563.59, Take Profit 60,915.12
Elliott Wave Analysis for Ripple
XRPUSD may be forming a bullish impulse (1)-(2)-(3)-(4)-(5). The current chart shows the corrective wave (4), forming as a double zigzag W-X-Y. The actionary wave Y is unfolding, and it also appears to be a double zigzag [W]-[X]-[Y]. Within wave [Y], an impulse wave (A) and a corrective wave (B) have been completed. Wave (C) is unfolding and appears to be an impulse wave 1-2-3-4-5. The complex correction 4 has likely been completed recently as a double three. In the near term, the price is expected to decline in sub-wave 5 of (C) to the previous low of 1.134 marked by impulse sub-wave 3.
Trading Plan for XRPUSD for Today:
Sell 1.346, Take Profit 1.134
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 developing, likely as a triple zigzag. The final actionary wave Z of (B) may complete as a zigzag [A]-[B]-[C]. The latest part of the chart shows the corrective wave [B], completed as a zigzag (A)-(B)-(C). To fully complete impulse [C], sub-waves (3)-(4)-(5) are required. The price is expected to decline toward the 1,774.86 level. At this level, wave [C] will reach 38.2% of wave [A] based on the Fibonacci extension.
Trading Plan for ETHUSD for Today:
Sell 2,049.27, Take Profit 1,772.48
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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Price chart of BTCUSD in real time mode
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