Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price is expected to fall to the previous low. Consider short trades from the current level, setting a take-profit order at 78,178.00.
- XRPUSD: The asset may decline in wave Z. Short trades can be considered with a take-profit order at 1.938.
- ETHUSD: A bullish trend has started. Thus, buy ETH at the current level, securing profits at the high of 2,529.81.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last segment of Bitcoin‘s chart. Its sub-waves (1) and (2) are completed, and impulse (3) may have formed, too. The complex correction (4) is unfolding as a double zigzag. Sub-wave Y is developing as a zigzag [A]-[B]-[C]. The price may drop to the previous low of 78,178.00, where the sub-wave [Y] ended. An alternative scenario suggests that the price may continue rising in correction [B] and decline to the low of wave [Y] after that, as shown on the chart.
Trading Plan for BTCUSD for Today:
Sell 87,887.96, Take Profit: 78,178.00
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Its large impulse sub-wave (3) is likely completed, and correction (4) has started developing as a complex horizontal structure. It will most likely form as a triple zigzag W-X-Y-X-Z. The second linking wave X has recently ended, and the price started to slide in sub-wave Z, likely to the previous low of 1.938, marked by sub-wave Y.
Trading Plan for XRPUSD for Today:
Sell 2.482, Take Profit: 1.938
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the large correction (B), formed as a double zigzag W-X-Y. Thus, the downtrend has reversed on the last section of the chart. A new impulse will probably emerge soon. The nearest bullish target is the high of 2,529.81, where correction 4 ended earlier. An alternative scenario assumes that the price may once again slide to the low of 1,982.20. Only after that, the downtrend will likely reverse, and the upward movement will start.
Trading Plan for ETHUSD for Today:
Buy 2,173.78, Take Profit: 2,529.81
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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