Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 07.06.2024

June 7, 2024 10:04 am

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:

Elliott Wave analysis for Bitcoin

The impulse made of subwaves [1]-[2]-[3]-[4]-[5] is forming in BTCUSD’s chart. Its subwaves [1]-[2]-[3]-[4] are fully completed. The first subwave (1) may be forming as part of wave [5]. Correction 4 has presumably been completed recently as part of impulse (1), and the price is now growing in subwave 5, probably to 75048.50. At that level, the size of subwave 5 will be 76.4% of subwave 3 according to Fibonacci ratios.

Trading plan for BTCUSD for today:

Buy 71,336.52, Take profit: 75048.50

Elliott Wave analysis for Ripple

The double zigzag [W]-[X]-[Y] continues forming in Ripple’s chart. The actionary wave [W], made of subwaves (A)-(B)-(C), is likely completed. The linking wave [X] has formed as a horizontal contracting triangle (A)-(B)-(C)-(D)-(E). The bullish wave [Y] is expected to form shortly. Its first impulse subwave (A) may end near the high of 0.565.

Trading plan for XRPUSD for today:

Buy 0.519, Take profit: 0.565

Elliott Wave analysis for Ethereum

Bullish impulse wave (C) – the final part of zigzag (A)-(B)-(C) – is forming in the ETHUSD’s chart. Its first two small subwaves 1 and 2 are completed. The price is likely soaring in subwave [5] of impulse 3, whose subwaves [1]-[2]-[3]-[4] are completed. The price will presumably grow to 4070.43 in subwave [5]. At this level, subwave [5] will be 38.2% of subwave [3].

Trading plan for ETHUSD for today:

Buy 3816.71, Take profit: 4070.43

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Price chart of BTCUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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