Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The fifth wave of the bullish impulse within a sideways correction is expected to be completed shortly. Consider long positions with a Take Profit at 83,132.33.
- XRPUSD: Impulse (C) may continue to develop. Consider short positions with a Take Profit at 1.135.
- ETHUSD: The price continues to rise in the final part of correction [B]. Long positions can be considered with a target at 2,642.00.
Elliott Wave Analysis for Bitcoin
Bitcoin is forming a large zigzag (A)-(B)-(C). At the time of writing, only the first impulse wave (A) has been completed. Correction (B) is currently forming as a flat pattern A-B-C. Corrective waves A and B have already been completed, with wave A forming a double zigzag and wave B a simple zigzag. The price is now rising in the final impulse wave C and is likely to reach the 83,132.33 level. At that level, impulse C will be 138.2% of correction A.
Trading Plan for BTCUSD for Today:
Buy at 81,096.19, Take Profit: 83,132.33
Elliott Wave Analysis for Ripple
XRPUSD is developing a prolonged correction (4) in the form of a double zigzag W-X-Y. The final wave Y is now unfolding as a double zigzag [W]-[X]-[Y]. Within wave [Y], a bearish impulse (C) is forming. Within impulse (C), the price is likely correcting as part of a complex wave 4, consisting of sub-waves [W]-[X]-[Y]. In the near term, wave 4 is expected to complete, and a decline in impulse wave 5 may start. Consider short positions with a target at 1.135.
Trading Plan for XRPUSD for Today:
Sell at 1.397, Take Profit: 1.135
Elliott Wave Analysis for Ethereum
From a global perspective, ETHUSD is likely forming a bullish zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and a complex correction (B) is currently forming, likely as a triple zigzag W-X-Y-XX-Z. The chart shows the second part of this zigzag. The final actionary wave Z of (B) may complete as a zigzag [A]-[B]-[C]. The final part of correction [B] is currently forming. Based on its internal structure, it is likely to take the shape of a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The price will likely rise to the previous high of 2,462.00 within sub-wave (Z).
Trading Plan for ETHUSD for Today:
Buy at 2,375.85, Take Profit: 2,462.00
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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