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 price is expected to decline in the middle of wave [2], reaching approximately 100,434.00.
- XRPUSD: Bearish wave (XX) is projected to develop to the previous low. Consider selling with a target of 2.043.
- ETHUSD: The price is expected to decline within correction (В), targeting a level of 2,082.15.
Elliott Wave Analysis for Bitcoin
The H4 Bitcoin chart shows the final section of a large impulse wave (1)-(2)-(3)-(4)-(5), which may have already completed. In the most recent section of the chart, the initial part of a new bearish trend may be developing. An impulse [1]-[2]-[3]-[4]-[5] appears to be forming. The first subwave [1] has already developed, and a corrective wave [2] is now unfolding. Wave [2] is expected to take the form of a zigzag (A)-(B)-(C). The second corrective subwave (B) may complete around the 100,434.35 level.
Trading Plan for BTCUSD for Today:
Sell 105,992.00, Take profit: 100,434.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing in the XRPUSD chart. Correction (4) may currently be in progress. It has a complex structure of a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely unfolding, and it appears to be forming as a double zigzag [W]-[X]-[Y]. Its first actionary wave [W] looks complete, and the linking wave [X] is now developing. Within wave [X], the price is expected to decline soon in subwave (XX), likely heading toward the previous low.
Trading Plan for XRPUSD for Today:
Sell 2.223, Take profit: 2.043
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows a breakdown of the second section of the large correction (4). It may take the form of a double zigzag W-X-Y. The final actionary wave Y is currently unfolding as a double zigzag [W]-[X]-[Y]. The price is most likely moving within the linking wave [X], which appears to be developing as a zigzag based on its initial structure. Impulse (A) has already formed, and the price is now correcting in subwave (B). It is quite possible that wave (B) will decline to the 2,082.15 level, which would represent a 50% retracement of impulse (A).
Trading Plan for ETHUSD for Today:
Sell 2,486.32, Take profit: 2,082.15
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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