Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The assets have reached their previous targets and are expected to plunge to new lows.
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 76,600.26.
- XRPUSD: The asset may decline in wave Z. Short trades can be considered with a take-profit order at 1.890.
- ETHUSD: The final part of a bearish impulse (C) is expected to emerge. Thus, sell ETH at the current level, securing profits at 1,746.75.
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 triple zigzag [W]-[X]-[Y]-[X]-[Z]. The price may drop to the previous low of 76,600.26, where the sub-wave (3) ended.
Trading Plan for BTCUSD for Today:
Sell 80,314.31, Take Profit: 76,600.26
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 linking wave X has recently ended, and the price started to slide in sub-wave Z, likely to the previous low of 1.890, marked by the third part of impulse [C].
Trading Plan for XRPUSD for Today:
Sell 2.085, Take Profit: 1.890
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the large correction (B), forming as a double zigzag W-X-Y. Once a final motive sub-wave [Y] finishes, wave Y will fully form as a double zigzag [W]-[X]-[Y]. The final impulse sub-wave (C) is developing within wave [Y]. A triangle correction 4 has recently ended within the wave (C). The price is expected to decline in sub-wave 5 to 1,746.75 soon. At this mark, the third part of impulse wave (C) concluded earlier.
Trading Plan for ETHUSD for Today:
Sell 1,884.82, Take Profit: 1,746.75
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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