Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis.
The market is following the previously outlined scenarios.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The fifth wave of the bullish impulse within the correction is expected to be completed shortly. Consider long positions with a Take Profit at 81,021.58.
- XRPUSD: Impulse (C) may continue to develop. Consider short positions with a Take Profit at 1.135.
- ETHUSD: The price continues to rise in the final part of correction [B]. Consider long positions with a target of 2,642.00.
Elliott Wave Analysis for Bitcoin
Bitcoin is forming a large bearish zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and correction (B) is currently developing as a flat pattern A-B-C. Corrective waves A and B have already formed. The price is now rising in the final impulse wave C and is likely to reach the 81,021.58 level. At that level, impulse C will reach 123.6% of the corrective wave A.
Trading Plan for BTCUSD for Today:
Buy at 75,726.50, Take Profit: 81,021.58
Elliott Wave Analysis for Ripple
On the H4 timeframe, XRPUSD is developing a prolonged correction (4) in the form of a double zigzag W-X-Y. The final wave Y is unfolding as a double zigzag [W]-[X]-[Y]. Within wave [Y], a bearish impulse (C) is forming. The price is likely correcting within a complex wave 4, consisting of sub-waves [W]-[X]-[Y]. In the near term, wave 4 is expected to be completed, and a decline in impulse wave 5 may start. Consider short positions, targeting the 1.135 low.
Trading Plan for XRPUSD for Today:
Sell at 1.362, Take Profit: 1.135
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large upward zigzag (A)-(B)-(C). Its 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]. The final part of correction [B] is currently forming. Based on its internal structure, it is likely to take the shape of a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The price will likely rise to the previous high of 2,462.00 within sub-wave (Z).
Trading Plan for ETHUSD for Today:
Buy at 2,244.17, Take Profit: 2,462.00
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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