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: Expect a decline in impulse wave [5]. Consider short positions with a Take Profit at 62,400.16.
- XRPUSD: A decline within the final part of a large correction is projected. Consider short positions with a Take Profit at the 1.134 low.
- ETHUSD: A decline may continue in impulse [C]. Consider short positions with a Take Profit at 1,769.45.
Elliott Wave Analysis for Bitcoin
Bitcoin may be forming the first part of a standard bearish zigzag. The first sub-wave (A) is currently unfolding. Within it, sub-waves [1]-[2]-[3]-[4] have already formed. The complex correction [4] has been completed as a triple zigzag. Sub-wave [5] is currently unfolding. It may end as an impulse (1)-(2)-(3)-(4)-(5) at around 62,400.16. This level marks the low previously set by sub-wave (X).
Trading Plan for BTCUSD for Today:
Sell at 74,399.15, Take Profit: 62,400.16
Elliott Wave Analysis for Ripple
In the medium term, XRPUSD is likely forming a prolonged correction (4), taking the shape of a double zigzag W-X-Y. The final wave Y is currently developing. The price is expected to decline in sub-wave 5 toward the previous low of 1.134 in the near term. This level was previously marked by sub-wave 3.
Trading Plan for XRPUSD for Today:
Sell at 1.363, Take Profit: 1.134
Elliott Wave Analysis for Ethereum
ETHUSD is likely forming a large upward three-wave zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and a complex correction (B) is currently forming, likely as a triple zigzag W-X-Y-XX-Z. The final actionary wave Z of (B) may end as a zigzag [A]-[B]-[C]. Sub-wave [C] still needs to form for the structure to be complete. The price will likely decline in impulse [C] to 1,769.45, where impulse wave [A] previously ended.
Trading Plan for ETHUSD for Today:
Sell at 2,364.21, Take Profit: 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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