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 final part of the bearish impulse appears to be forming and is expected to end near the 103,493.00 low. Consider opening short positions.
- XRPUSD: The final impulse within correction (4) is likely developing. Consider opening short positions with a target at 1.844.
- ETHUSD: The price appears to continue to decline in an impulse within correction (4). Consider opening short positions, targeting the low of 3,417.20.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the formation of the second half of impulse 1-2-3-4-5. Its corrective wave 4 may be developing as a flat pattern [A]-[B]-[C]. Corrective sub-waves [A] and [B] have already formed. The bearish impulse wave [C] is currently unfolding. Within wave [C], four sub-waves — (1), (2), (3), and (4) — are complete. The price is now declining in the final sub-wave (5), expected to end near 103,493.00 — the level where sub-wave 3 previously ended.
Trading Plan for BTCUSD for Today:
Sell 107,960.92, Take Profit: 103,493.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. The current chart shows corrective wave (4), which is forming as a double zigzag W–X–Y. Waves W and X have already been completed. The actionary wave Y is now unfolding and also appears to be a double zigzag W–X–Y of a smaller degree. The sub-wave (C) of [Y] is expected to complete near 1.844. At this level, wave (C) will reach 50% Fibonacci extension of impulse (C).
Trading Plan for XRPUSD for Today:
Sell 2.436, Take Profit: 1.844
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a large correction in the form of a double zigzag W-X-Y. The linking wave X is currently unfolding, potentially as a zigzag [A]-[B]-[C]. Its impulse [A] and correction [B] are complete. Impulse [C] is currently unfolding, with sub-waves (1)-(2)-(3) completed within. Corrective wave (4) is currently developing as a double zigzag W–X–Y. Wave Y is projected to complete near the low of 3,417.20, where impulse sub-wave [A] previously ended.
Trading Plan for ETHUSD for Today:
Sell 3,752.55, Take Profit: 3,417.20
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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