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 price continues to grow in the final part of the bullish impulse. Consider long positions with Take Profit at a high of 112,039.75.
- XRPUSD: The price is correcting within the bearish wave 2. The recommendation is to open short positions with Take Profit at 1.868.
- ETHUSD: The price is expected to decline in correction 2. Consider selling from the current level with Take Profit at 2,078.35.
Elliott Wave Analysis for Bitcoin
The bullish wave is developing in the last section of Bitcoin‘s chart. It could form as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1), (2), (3), and (4) are complete. The impulse wave (5) is currently in progress, within which subwaves 1, 2, and 3 are potentially completed. Once correction 4 ends, the asset may continue to grow in the final subwave 5, potentially to the previous high of 112,039.75, where the impulse wave 3 ended earlier.
Trading Plan for BTCUSD for Today:
Buy 104,988.42, Take profit: 112,039.75
Elliott Wave Analysis for Ripple
From a global perspective, the bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. The corrective subwave (4), which took the form of the double zigzag W-X-Y, was presumably completed not long ago. Currently, the final subwave (5) is unfolding, potentially as a standard impulse 1-2-3-4-5. As of now, subwave 1 has been completed, and the price is currently correcting within subwave 2. During this correction, the price may fall to the 1.868 level, where the size of this correction would equal 76.4% of impulse 1, based on Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Sell 2.163, Take profit: 1.868
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of the second section of the large correction (4). It appears to have completed as a double zigzag. The ascending wave (5) is currently in progress, potentially as impulse 1-2-3-4-5. Subwave 1 appears to be a completed impulse [1]-[2]-[3]-[4]-[5]. The corrective wave 2 may be forming in the most recent section of the chart, presumably as a simple zigzag [A]-[B]-[C]. Its size will likely be 50% of impulse 1 according to Fibonacci ratios. Thus, expect the price to decline to 2,078.35.
Trading Plan for ETHUSD for Today:
Sell 2,498.54, Take profit: 2,078.35
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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