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 completion of impulse 1 will likely be followed by a correction 2 targeting 115,940.00. Consider long positions.
- XRPUSD: An impulse (5) is expected to end near 3.375. Consider long positions, targeting 3.375.
- ETHUSD: The price is expected to grow in the final part of the impulse. Consider buying with Take Profit at 5,173.83.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, we can see the final part of the large impulse (1)-(2)-(3)-(4)-(5). Most likely, this impulse has already been fully completed. The initial phase of a new trend — impulse 1-2-3-4-5 — may be forming in the last section of the chart. In the near future, impulse sub-wave 1 is expected to complete, after which correction 2 should begin. The size of correction 2 will likely be 50% of wave 1 based on Fibonacci ratios. Thus, expect the price to rise to 115,940.00.
Trading Plan for BTCUSD for Today:
Buy 111,040.91, Take Profit: 115,940.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Apparently, correction (4), which took the form of a double three, has recently been completed. Impulse (5) is currently unfolding. Sub-waves 1-2-3 appear to be completed, and the complex correction 4, which took the form of a double zigzag [W]-[X]-[Y], may also be finished. The final sub-wave 5 is expected to develop shortly, targeting the previous high of 3.375.
Trading Plan for XRPUSD for Today:
Buy 2.831, Take Profit: 3.375
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of the large correction, which is taking the form of a double zigzag W-X-Y. The final actionary wave X is currently developing. Within the linking wave X, which may take the form of a zigzag [A]-[B]-[C], impulse [A] and correction [B] have already been completed. Impulse [C] is currently unfolding and may complete near 5,173.83. At that level, the size of wave 5 will be 38.2% of impulse 3 based on Fibonacci ratios.
Trading Plan for ETHUSD for Today:
Buy 4,325.45, Take Profit: 5,173.83
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
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.
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