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: Wave (Z) may target 80,770.57. Consider short positions.
- XRPUSD: The price is expected to decline in the ending diagonal wave. Consider short positions with Take Profit at 1.764.
- ETHUSD: Bearish wave Z is expected to start developing. Consider opening short positions, targeting the 2,613.72 low.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the formation of the second half of the bullish impulse [1]-[2]-[3]-[4]-[5]. Wave [3] has been completed, and the price is now declining in the corrective wave [4], which may form as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Wave (Y) has recently ended. The final part of the linking wave (XX) is developing as a zigzag W-X-Y. The first part of the wave (Z) is expected to unfold. The price will likely drop to the 80,770.57 low, marked by sub-wave (Y).
Trading Plan for BTCUSD for Today:
Sell 92,402.85, Take profit: 80,770.57
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], the first impulse wave (A) and correction (B) have ended. Wave (C) is developing as the ending diagonal wave. Within this structure, corrective wave 4 is concluding. The price may decline to a low of 1.764 in sub-wave 5.
Trading Plan for XRPUSD for Today:
Sell 2.114, Take profit: 1.764
Elliott Wave Analysis for Ethereum
A large upward zigzag (A)-(B)-(C) is forming on the H4 chart of ETHUSD. The first impulse wave (A) has been completed. Correction (B) is presumably forming now as a triple zigzag W-X-Y-XX-Z. The actionary wave Y has recently been completed, and the final part of the linking wave XX is forming as a double three. In the near term, the price is expected to decline within the final actionary wave Z, targeting the low of 2,613.72 previously marked by sub-wave Y.
Trading Plan for ETHUSD for Today:
Sell 3,150.80, Take profit: 2,613.72
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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