Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 11.06.2024

June 11, 2024 9:28 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

We see a bullish impulse wave continuing forming in Bitcoin’s chart. It consists of five sub-waves [1]-[2]-[3]-[4]-[5]. The first four parts are completed, and the final part of the impulse wave [5] is currently forming, presumably subwave (1). The price may sink in complex correction 4 to the low at 66179.77 shortly. Once that level is reached, the asset may resume growing. 

Trading plan for BTCUSD for today:

Sell 68210.37, Take profit: 66179.77

Elliott Wave analysis for Ripple

Ripple is likely forming a new bullish wave, shaped as double zigzag [W]-[X]-[Y]. The first part — actionary wave [W] — looks completed. Linking wave [X] is currently unfolding. The final actionary wave (Z) is presumably developing as part of linking wave [X] and is expected to end at the previous low of 0.450. The chart shows an approximate pattern of an eventual future movement.

Trading plan for XRPUSD for today:

Sell 0.484, Take profit: 0.450

Elliott Wave analysis for Ethereum

Ethereum is projected to start an upward movement before Bitcoin does. Corrective wave [4] is likely forming as part of impulse 3 on the last segment of the chart. Two parts of wave [4] have already formed, and impulse (С) may be nearing completion. The price is expected to reverse shortly and rise in subwave [5] to 4006.57, where the size of wave [5] will be 50% of wave [3]. 

Trading plan for ETHUSD for today:

Buy 3593.51, Take profit: 4006.57

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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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