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 initial part of a bullish impulse appears to be developing. Consider long positions targeting 72,090.93.
- XRPUSD: The price continues to decline in impulse (C). Consider short positions with Take Profit at the 1.142 low.
- ETHUSD: The price may rise in the initial part of a bullish impulse. Consider long positions with a target of 2,153.91.
Elliott Wave Analysis for Bitcoin
From a global perspective, Bitcoin is likely forming a bearish zigzag (A)-(B)-(C). Its first impulse wave (A) looks fully completed. In the latest section of the chart, we can observe a market reversal and the beginning of a new bullish wave. The initial part of a potential impulse wave may be forming. In the near term, the price may rise in sub-wave [1] to the 72,090.93 high. Consider long positions in this scenario.
Trading Plan for BTCUSD for Today:
Buy 65,619.79, Take Profit 72,090.93
Elliott Wave Analysis for Ripple
From a global perspective, XRPUSD appears to be forming a bullish impulse (1)-(2)-(3)-(4)-(5). The current chart shows correction (4), forming as a double zigzag W-X-Y. The actionary wave Y is unfolding, and it also appears to be a double zigzag [W]-[X]-[Y]. Within the final actionary wave [Y], an impulse wave (A) and a corrective wave (B) have been completed. Wave (C) is unfolding, and its internal structure appears to be an impulse 1-2-3-4-5. Within this formation, correction 4 has likely been completed. The price is expected to decline in sub-wave 5 of (C) to a low of 1.142 in the near term.
Trading Plan for XRPUSD for Today:
Sell 1.367, Take Profit 1.142
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large upward zigzag (A)-(B)-(C). Its first impulse wave (A) has been completed. Correction (B) appears to be completed as well; it has formed as a triple zigzag. The initial part of a potential bullish wave is forming as an impulse in the latest section of the chart. In the near term, a bullish wave 1 is expected to unfold. It may complete near the 2,153.91 high. Consider long positions in this scenario.
Trading Plan for ETHUSD for Today:
Buy 1,910.78, Take Profit 2,153.91
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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