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: Wave (Z) continues to develop. The price may decline to 71,786.58. Consider short positions.
- XRPUSD: The price continues to decline in the ending diagonal wave. Consider short positions with Take Profit at 1.371.
- ETHUSD: Bearish wave Z continues to develop. Consider opening short positions, targeting the 2,066.70 low.
Elliott Wave Analysis for Bitcoin
Bitcoin is likely forming the second half of a bullish impulse [1]-[2]-[3]-[4]-[5]. On the H4 chart, the impulse wave [3] has been completed, and the price is now declining in the corrective wave [4], which may form as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Wave (Y) and the linking wave (XX), formed as a double zigzag W-X-Y, have recently been completed. The price is expected to decline in a zigzag wave (Z), composed of sub-waves A-B-C, to the level of 71,786.58. At this level, the size of sub-wave C will be 161.8% of wave A based on Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Sell 75,696.90, Take Profit 71,786.58
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 ending diagonal 1-2-3-4-5. Within this formation, correction 4 is likely completed. The price is expected to decline in sub-wave [C] of 5 to 1.371 in the near term. At this level, wave [C] will equal 123.6% of wave [A].
Trading Plan for XRPUSD for Today:
Sell 1.570, Take Profit 1.371
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large upward zigzag (A)-(B)-(C). The first impulse wave (A) has been completed. Correction (B) is presumably forming now as a triple zigzag W-X-Y-XX-Z. The actionary wave Y has recently been completed, and the sideways linking wave XX has formed as a double three pattern. In the near term, the price is expected to decline to 2,066.70 within the final actionary wave Z. At this level, the size of impulse sub-wave [C] will be 161.8% of the previous impulse [A].
Trading Plan for ETHUSD for Today:
Sell 2,239.87, Take Profit 2,066.70
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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