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 continues to decline in the fifth part of an impulse. Consider short positions with a Take Profit at 57,662.26.
- XRPUSD: The price is declining in the final impulse wave of the zigzag pattern. Consider short positions with a Take Profit at 0.951.
- ETHUSD: The price is moving lower in a bearish impulse wave. Short positions can be considered with a Take Profit at 1,390.54.
Elliott Wave Analysis for Bitcoin
The current Bitcoin chart shows a regular zigzag (A)-(B)-(C). The final sub-wave (C) is unfolding as a 1-2-3-4-5 impulse. The complex correction 4 has recently been completed as a triple zigzag. The price is expected to decline in the final sub-wave 5, with a target near the 57,662.26 low. At this level, impulse 3 previously ended.
Trading Plan for BTCUSD for Today:
Sell at 63,523.14, Take Profit: 57,662.26
Elliott Wave Analysis for Ripple
XRPUSD is moving within the bullish impulse (1)-(2)-(3)-(4)-(5). The current chart shows the structure of the complex correction (4), which is unfolding as a double zigzag W-X-Y. Wave Y will be complete once the final zigzag (A)-(B)-(C) has formed. Within the final impulse wave (C), four of the five sub-waves have already been completed. The price is expected to decline in sub-wave [5] of 5 to 0.951 in the near term. At this level, the size of wave [5] will reach 76.4% of wave [3].
Trading Plan for XRPUSD for Today:
Sell at 1.084, Take Profit: 0.951
Elliott Wave Analysis for Ethereum
ETHUSD is expected to continue forming the complex correction (4), unfolding as a double zigzag W-X-Y. The actionary wave Y may become a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The second linking wave [X] has formed as a triple zigzag of smaller degree. The second part of wave [Z] is unfolding in the last segment of the chart. This wave will most likely become a zigzag (A)-(B)-(C). Impulse (A) and correction (B) are completed. A decline in impulse (C) is expected in the near term. The price may decline to 1,390.54, where impulse (C) would reach 61.8% of wave (A).
Trading Plan for ETHUSD for Today:
Sell at 1,882.54, Take Profit: 1,390.54
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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