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 the 80,770.57 level. 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) and the linking wave (XX), formed as a double zigzag W-X-Y, have recently been completed. The initial phase of wave (Z) is expected to develop next. The price will likely drop to the 80,770.57 low, marked by sub-wave (Y).
Trading Plan for BTCUSD for Today:
Sell 89,868.37, 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 impulse wave (A) and the corrective wave (B) have been completed. Wave (C) is unfolding, and its internal structure appears to be an ending diagonal. Within this formation, correction 4 is likely completed. The price is expected to decline in sub-wave 5 to the 1.764 low.
Trading Plan for XRPUSD for Today:
Sell 2.104, 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 sideways linking wave XX has formed as a double three pattern. In the near term, the price is expected to decline within the final actionary wave Z, heading for the previous low of 2,613.72 marked by sub-wave Y.
Trading Plan for ETHUSD for Today:
Sell 3,099.28, 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.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Useful links:
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo code BLOG to get a 50% deposit bonus on the LiteFinance platform. Simply enter this code in the appropriate field when funding your trading account.
- Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance
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.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
