Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The cryptocurrency market is evolving as predicted.
The article covers the following subjects:
Major Takeaways
- BTCUSD: Expect a decline within correction 2. Consider short positions from the current level with Take Profit at 82,732.85.
- XRPUSD: Expect a decline within correction 2. The recommendation is to open short positions with Take Profit at 1.927.
- ETHUSD: Correction 2 is projected to develop. Consider selling from the current level with Take Profit at 1,471.55.
Elliott Wave Analysis for Bitcoin
The bullish wave is developing in the last section of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. Correction (4) appears to have recently completed as a triple zigzag W-X-Y-XX-Z. The market is now reversing in the final segment of the chart, forming a bullish impulse. The first subwave 1 is likely complete, and a corrective movement within subwave 2 is expected to begin shortly. The size of correction 2 will likely be 50% of wave 1 based on Fibonacci ratios. Thus, the price may fall to 82,732.85.
Trading Plan for BTCUSD for Today:
Sell 88,077.73, Take profit: 82,732.85
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Its large impulse subwave (3) is likely completed, and correction (4) has also formed as a triple zigzag W-X-Y-X-Z. The initial phase of a new bullish trend is now in progress, and the first subwave 1 appears to have completed as a leading diagonal. The price is expected to decline in correction 2 to 1.927 in the near time. At that level, the size of wave 2 will be 50% of wave 1.
Trading Plan for XRPUSD for Today:
Sell 2.072, Take profit: 1.927
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4). It appears to have completed as a double zigzag. In the final section of the chart, the market is reversing, likely forming the beginning of a bullish impulse. Its first impulse subwave 1 is completed. Correction wave 2 is now unfolding and may form as a standard zigzag [A]-[B]-[C], potentially ending near the 1,471.55 low. Once this level is reached, a reversal could occur.
Trading Plan for ETHUSD for Today:
Sell 1,575.05, Take profit: 1,471.55
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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