Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis.
Last week’s forecasts are still relevant. Bitcoin and Ethereum continue to rise, while Ripple has already started to decline.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The final part of a bullish impulse continues developing. Consider long positions with a Take Profit at 83,132,33.
- XRPUSD: Impulse (C) is still developing. Consider short positions with a Take Profit at 1.135.
- ETHUSD: The price may rise in the final part of correction [B]. Long positions can be considered with a target of 2,462.00.
Elliott Wave Analysis for Bitcoin
Bitcoin continues to form a large zigzag (A)-(B)-(C). Its 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. Wave A is a double zigzag, and wave B is 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 80,640.61, Take profit: 83,132.33
Elliott Wave Analysis for Ripple
XRPUSD is likely forming a large correction (4) in the form of a double zigzag W-X-Y. The final wave Y is unfolding as a double zigzag [W]-[X]-[Y]. Within wave [Y], a bearish impulse (C) is forming. Within impulse (C), the price is presumed to have corrected within a complex wave 4 consisting of sub-waves [W]-[X]-[Y]. A decline in impulse 5 may start in the near term. Consider short positions with a target at 1.135.
Trading Plan for XRPUSD for Today:
Sell 1.439, Take profit: 1.135
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large 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 final actionary wave Z of (B) may end as a zigzag [A]-[B]-[C]. The final part of correction [B] is currently forming. Based on its internal structure, it is likely to develop as 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). This high was marked by impulse way A before.
Trading Plan for ETHUSD for Today:
Buy 2,323.24, 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.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. 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 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
