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:
Major Takeaways
- BTCUSD: The last part of impulse 5 appears to be developing. Consider selling the asset with Take Profit at 62,400.00.
- XRPUSD: The price continues to decline in impulse (C). Consider short positions with Take Profit at the 1.142 low.
- ETHUSD: A triangular correction is expected to end soon, after which the price may decline in an impulse wave. Consider opening short positions, targeting 1,793.67.
Elliott Wave Analysis for Bitcoin
From a global perspective, Bitcoin is likely forming a bearish zigzag (A)-(B)-(C). The current chart presents a breakdown of impulse (A), composed of sub-waves 1-2-3-4-5. Its first four parts have already formed, while the last part of the final sub-wave 5 is still unfolding. The final part of a triangular correction [4] may currently be forming within impulse sub-wave 5. Once it is complete, the decline is likely to continue in sub-wave [5] toward the 62,400.00 low.
Trading Plan for BTCUSD for Today:
Sell 66,922.10, Take Profit 62,400.00
Elliott Wave Analysis for Ripple
From a global perspective, XRPUSD appears to be forming a bullish impulse (1)-(2)-(3)-(4)-(5). The current chart shows correction (4), forming as a double zigzag W-X-Y. The actionary wave Y is unfolding, and it also appears to be a double zigzag [W]-[X]-[Y]. Within the final actionary wave [Y], an impulse wave (A) and a corrective wave (B) have been completed. Wave (C) is unfolding, and its internal structure appears to be an impulse wave 1-2-3-4-5. Within this formation, a triangular correction 4 is likely coming to its end. The price is expected to decline in sub-wave 5 of (C) to a low of 1.142 in the near term.
Trading Plan for XRPUSD for Today:
Sell 1.362, Take Profit 1.142
Elliott Wave Analysis for Ethereum
ETHUSD is forming a large upward zigzag (A)-(B)-(C). The first impulse wave (A) has been completed. A complex correction (B) may currently be forming as a triple zigzag. Wave Z may soon complete as a zigzag [A]-[B]-[C] near the 1,793.67 low. On the latest segment of the chart, correction (4) is nearing completion in the form of a triangle. After wave (4) finishes developing, the price may decline in sub-wave (5) to the 1,793.67 level.
Trading Plan for ETHUSD for Today:
Sell 1,974.39, Take Profit 1,793.67
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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Price chart of BTCUSD in real time mode
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