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 rise in the final part of the bullish impulse. The recommendation is to open long trades with a Take Profit at 112,039.75.
- XRPUSD: The price is sliding in a bearish correction 2. Consider short trades with Take Profit at 1.868.
- ETHUSD: The price is expected to decline in a correction 2. Consider selling ETH at the current level with Take Profit at 2,078.35.
Elliott Wave Analysis for Bitcoin
A bullish wave is developing as an impulse (1)-(2)-(3)-(4)-(5) on the last section of Bitcoin‘s chart. Its sub-waves (1), (2), (3), and (4) are complete. The impulse wave (5) is underway, with sub-waves 1-2-3 completed as its parts. After the correction 4 ends, the price is projected to increase in the final sub-wave 5 to the previous high of 112,039.75, marked by sub-wave 3.
Trading Plan for BTCUSD for Today:
Buy 105,304.82, Take profit: 112,039.75
Elliott Wave Analysis for Ripple
A global bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. The correction (4) has recently developed as a double zigzag W-X-Y. The final sub-wave (5) is currently unfolding as a standard impulse 1-2-3-4-5. Its sub-wave 1 has already finished, and the price is now falling in the corrective sub-wave 2, presumably towards 1.868. At this level, the correction 2 will retrace 76.4% of impulse 1, according to the Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Sell 2.192, 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 forming, potentially as an impulse 1-2-3-4-5. Sub-wave 1 has likely ended as an impulse [1]-[2]-[3]-[4]-[5]. The corrective wave 2 may be forming in the most recent section of the chart, presumably as a standard zigzag [A]-[B]-[C]. It will likely retrace 50% of impulse 1, according to the Fibonacci indicator. Thus, the price is expected to drop to 2,078.35.
Trading Plan for ETHUSD for Today:
Sell 2,607.48, 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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