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.
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