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 final part of impulse 5 continues developing. Consider short positions with a Take Profit at 61,303.58.
- XRPUSD: The price continues to decline in impulse (C). Consider short positions with a Take Profit at 1.134.
- ETHUSD: The decline in impulse [C] may continue. Consider short positions with a Take Profit at 1,769.45.
Elliott Wave Analysis for Bitcoin
Bitcoin is likely forming a standard zigzag (A)-(B)-(C). The chart shows the structure of the first impulse (A). Its first four waves have likely formed, while the final impulse wave 5 is still unfolding. Within wave 5, sub-waves [1]-[2]-[3]-[4] have been completed. Correction [4] is a double zigzag. The price is expected to decline in impulse wave [5] to 61,303.58 in the near term. At that level, wave [5] will reach 50% of wave [3].
Trading Plan for BTCUSD for Today:
Sell at 66,582.43, Take Profit at 61,303.58
Elliott Wave Analysis for Ripple
A bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Its large corrective wave (4) may currently be 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. Apparently, the complex correction 4 has recently been completed as a double three. The price is expected to decline in sub-wave 5 of (C) to the previous low of 1.134 in the near term. This level was previously marked by impulse sub-wave 3.
Trading Plan for XRPUSD for Today:
Sell at 1.308, Take Profit at 1.134
Elliott Wave Analysis for Ethereum
From a global perspective, ETHUSD may be 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 end as a zigzag [A]-[B]-[C]. Correction [B] has been 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 1,769.45 level. At that level, wave [C] will equal 38.2% of wave [A] based on Fibonacci extensions.
Trading Plan for ETHUSD for Today:
Sell at 2,045.92, Take Profit at 1,769.45
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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