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 a bullish impulse appears to be developing. Consider buy entries with a target at a high of 129,000.00.
- XRPUSD: The price appears to be growing to the previous high within a bullish impulse. Consider long positions, targeting 3.654.
- ETHUSD: The asset is likely rising in the final bullish impulse. Consider buying with Take Profit at 4,910.16.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the second half of impulse 1-2-3-4-5 forming. Its first three sub-waves have already formed. Most likely, correction 4 has also been completed as a simple zigzag [A]-[B]-[C]. In the latest section of the chart, an impulse sub-wave 5 may be forming. Its length could amount to 50% of impulse 3, so the price may continue rising toward the 129,000.00 level.
Trading Plan for BTCUSD for Today:
Buy 123,509.85, Take Profit: 129,000.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Correction (4) has likely ended recently as a double three pattern, W-X-Y, and impulse (5) is currently unfolding. Sub-waves 1-2-3 look completed, and correction 4, which took the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z], appears to have ended. The final impulse wave 5 may be unfolding, with its first two parts likely completed. The price is likely to rise within this impulse to the previous high at 3.654.
Trading Plan for XRPUSD for Today:
Buy 2.960, Take Profit: 3.654
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of 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 and may complete near the previous high of 4,910.16, where the impulse wave (3) previously ended. Also, the length of the final impulse wave (5) will equal 38.2% of wave (3) according to the Fibonacci ratios at that level.
Trading Plan for ETHUSD for Today:
Buy 4,514.90, Take Profit: 4,910.16
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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