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 may decline to 107,308.00 within a new impulse. Consider short positions.
- XRPUSD: A decline to the previous low is expected as part of a correction. Consider short positions, targeting 2.693.
- ETHUSD: The price is expected to pull back to the previous low. Consider selling the asset with Take Profit at 4,079.64.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the initial stage of a new impulse 1-2-3-4-5. Its impulse sub-wave 1 appears to have formed, and then correction 2 started to develop. The size of correction 2 is currently 76.4% of wave 1 based on Fibonacci ratios. Wave 2 is a simple zigzag [A]-[B]-[C]. Thus, impulse 3 may start to form in the last segment of the chart. The price is expected to drop to the previous low.
Trading Plan for BTCUSD for Today:
Sell 112,979.98, Take Profit: 107,308.00
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. Sub-waves 1-2-3 appear to be complete, and a complex correction 4 is in progress. It is likely to end as a triple zigzag [W]-[X]-[Y]-[X]-[Z] at the previous low of 2.693, as shown on the chart.
Trading Plan for XRPUSD for Today:
Sell 2.785, Take Profit: 2.693
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of a large correction, which is taking 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 completed. Impulse [C] is currently unfolding and may complete near the previous high of 4,952.70. At this level, the impulse wave (3) previously ended. The corrective wave (4), consisting of sub-waves W-X-Y, is expected to complete at the low of 4079.64.
Trading Plan for ETHUSD for Today:
Sell 4,150.74, Take Profit: 4,079.64
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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