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 growth suggests that the global momentum has not yet been exhausted. The price may rise to 115,288.15.
- XRPUSD: The bearish wave (XX) is expected to develop. Consider sales with a target of 2.043.
- ETHUSD: The pair is expected to decline within correction (В). The target for short positions is the 2,082,15 level.
Elliott Wave Analysis for Bitcoin
A large impulse (1)-(2)-(3)-(4)-(5) is nearing completion on the H4 chart of Bitcoin. Its final segment, impulse (5), is likely unfolding now. Wave 5 of (5) is expected to continue rising in the near term, with the price potentially reaching the 115,288.15 level. After a brief correction, the uptrend is expected to resume, as shown on the chart.
Trading Plan for BTCUSD for Today:
Buy 109,522.26, Take-profit: 115,288.15
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) is currently unfolding as a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely in progress and may develop as a double zigzag [W]-[X]-[Y]. The first actionary wave [W] appears complete, and the linking wave [X] is now forming. In the near term, the price is expected to decline in subwave (XX) of [X], likely heading to the previous low marked by subwave (X).
Trading Plan for XRPUSD for Today:
Sell 2.290, Take profit: 2.043
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of a large correction (4), which may take the form of a double zigzag W-X-Y. The final actionary wave Y is currently unfolding, presumably 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), with the potential for a decline to 2,256.43. That level would represent a 38.2% retracement of impulse (A).
Trading Plan for ETHUSD for Today:
Sell 2,688.59, Take profit: 2,256.43
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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