Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 08.07.2024

July 8, 2024 10:19 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:

Key takeaways

  • BTCUSD: Downward movement in impulse [C]. Consider selling from the current level with Take Profit at 52,391.91.
  • XRPUSD: The price continues dropping in a descending wave C, presumably to 0.348. Consider selling from the current level with Take Profit at 0.348.
  • ETHUSD: Formation of bearish impulse (C). Consider short positions with Take Profit at 2,806.27.

Elliott Wave analysis for Bitcoin

Bitcoin’s price is forming a complex corrective wave [4], which is presumably unfolding as a triple three pattern (W)-(X)-(Y)-(XX)-(Z). Its four parts have been fully completed. The actionary wave (Z) may be developing at the moment as a triple zigzag W-X-Y-XX-Z. Its last subwave Z may end at 52,391.91, where its size will be 100% of Y.

Trading plan for BTCUSD for today:

Sell 55,395.16, Take profit: 52,391.91

Elliott Wave analysis for Ripple

Ripple‘s chart shows an actionary wave (Y) that is unfolding as a double zigzag W-X-Y. Its final actionary wave Y looks like a double zigzag [W]-[X]-[Y], where each subwave is a double zigzag of a smaller degree. The last subwave (Y) may form as a zigzag A-B-C at the low of 0.348. The chart shows an approximate pattern of a future movement. 

Trading plan for XRPUSD for today:

Sell 0.424, Take profit: 0.348

Elliott Wave analysis for Ethereum

Ethereum’s price continues forming a corrective wave (B) that looks like a double zigzag W-X-Y. Its first two parts have already formed. The bearish wave Y is unfolding at the moment, presumably as a double zigzag [W]-[X]-[Y]. Subwave [Y], which may form as a zigzag (A)-(B)-(C), is currently missing for the zigzag [W]-[X]-[Y] to be complete. The price will likely drop to the low of 2,806.27, marked by subwaves W and (A).

Trading plan for ETHUSD for today:

Sell 2,902.55, Take profit: 2,806.27

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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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