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 rising in the fifth part of a bullish impulse to a high of 120,350.39. Consider long positions.
- XRPUSD: The price is still rising to a high of 2.639. Consider long positions.
- ETHUSD: The price is projected to grow in the fifth part of impulse (A). Consider buying with Take Profit at 3,261.39.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, the final part of the large impulse (1)-(2)-(3)-(4)-(5) is currently unfolding. The large complex correction 4 may have ended within sub-wave (5). The price is now beginning to rise in the second part of the final sub-wave 5, potentially to the 120,350.39 level, where the size of wave 5 will be 76.4% of impulse 3 based on Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Buy 117,871.68, Take profit: 120,350.39
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 in progress, forming as a triple zigzag W-X-Y-X-Z. The linking wave X is likely still developing and may take the form of a zigzag [A]-[B]-[C]. Correction [B] is now unfolding as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The first three parts of this correction have already formed. The linking wave (XX) is currently in progress and may end as a zigzag A-B-C near a high of 2.639, where sub-wave [A] previously ended.
Trading Plan for XRPUSD for Today:
Buy 2.586, Take profit: 2.639
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of the large correction (4), which is taking the form of a double zigzag W-X-Y. The final actionary wave Y of (4) is currently unfolding, potentially 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 (A)-(B)-(C). The price is currently rising in impulse (A). Correction 4 has been completed at a smaller wave level, and the price is projected to rise to 3,261.39 within sub-wave 5. At that level, the size of wave 5 will be 100% of the previous impulse 3.
Trading Plan for ETHUSD for Today:
Buy 3,007.49, Take profit: 3,261.39
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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