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 126,255.39.
- 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 growing in the final bullish impulse. Consider buying with Take Profit at 4,961.43.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the formation of the second half of impulse 1-2-3-4-5. Correction 4 has most likely formed as a simple zigzag [A]-[B]-[C]. In the latest section of the chart, an impulse sub-wave 5 is developing, within which sub-waves [1]-[2] may have already completed. Sub-waves [3]-[4]-[5] are expected to form in the near term, targeting the previous high of 126,255.39.
Trading Plan for BTCUSD for Today:
Buy 114,554.19, Take Profit: 126,255.39
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) has likely ended recently as a double three pattern, W-X-Y, and impulse (5) is currently unfolding. Its first two parts have already been completed, and sub-waves 3-4-5 are expected to unfold. The price will likely rise to the previous high of 3.654 in this impulse, where the linking wave X was previously completed.
Trading Plan for XRPUSD for Today:
Buy 2.532, 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 4,961.43, where the impulse wave (3) ended earlier.
Trading Plan for ETHUSD for Today:
Buy 4,119.87, Take Profit: 4,961.43
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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