Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
Cryptocurrencies continue to trade in accordance with the expected scenarios.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price continues to rise in the final part of the bullish impulse. The recommendation is to open long trades with a Take Profit at 112,039.75.
- XRPUSD: The price is increasing in the bullish impulse. Consider long trades with Take Profit at a high of 2.648.
- ETHUSD: The asset is expected to surge to the previous high. Consider buying at the current level with Take Profit at 2,725.50.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last section of Bitcoin‘s chart. Its sub-waves (1), (2), (3), and (4) are complete. The impulse wave (5) is underway, with sub-waves 1-2-3 completed as its parts. After the correction 4 ends, the price is projected to increase in the final sub-wave 5. Bitcoin may rise to the previous high of 112,039.75, marked by sub-wave 3.
Trading Plan for BTCUSD for Today:
Buy 108,699.36, Take profit: 112,039.75
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. On the 4-hour chart, the large corrective wave (4) took the form of a triple zigzag W-X-Y-XX-Z. The first three parts of this corrective pattern are finished. The linking wave XX is underway as a double zigzag [W]-[X]-[Y]. The final motive wave [Y] will likely develop as a standard zigzag (A)-(B)-(C). Correction (B) may have ended, after which the price started to increase to a high of 2.648 within the impulse wave (C).
Trading Plan for XRPUSD for Today:
Buy 2.299, Take profit: 2.648
Elliott Wave Analysis for Ethereum
The H4 chart of the ETHUSD shows a breakdown of a large correction (4), completed as a double zigzag. A new bullish wave is developing as an impulse 1-2-3-4-5. On the last segment of the chart, the first part of the impulse wave, sub-wave 1, is underway as an impulse [1]-[2]-[3]-[4]-[5]. A zigzag correction [4] is expected to finish soon, after which the price may increase in the sub-wave [5] toward the previous high of 2,725.50, marked by the impulse sub-wave [3].
Trading Plan for ETHUSD for Today:
Buy 2,635.36, Take profit: 2,725.50
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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