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 rise to 98,035.00 in the linking wave (XX) in the near term. Consider long positions.
- XRPUSD: The price is expected to rise soon in the linking wave [X]. Consider long positions, targeting 2.280.
- ETHUSD: The linking wave XX is expected to develop. Long positions can be considered with a target of 3,431.04.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the formation of the second half of the bullish impulse [1]-[2]-[3]-[4]-[5]. Wave [3] has been completed, and the price is now declining in corrective wave [4], which may form as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). Wave (Y) has recently finished, and the linking wave (XX) is now developing. In the near term, the price may rise to 98,035. At that level, the size of wave (XX) will be 50% of wave (Y) according to Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Buy 91,388.90, Take Profit: 98,035.00
Elliott Wave Analysis for Ripple
From a global perspective, XRPUSD appears to be forming a bullish impulse (1)-(2)-(3)-(4)-(5). The chart above shows corrective wave (4), which is developing as a double zigzag W-X-Y. Waves W and X have already been completed. The actionary wave Y is now unfolding and also appears to be a double zigzag [W]-[X]-[Y]. Within the final actionary wave [Y], the first impulse wave (A) has been completed, and a sideways corrective wave (B) is now forming. It may finish as a double zigzag W-X-Y. The linking wave X appears to be forming as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The linking wave [X] may end near 2.280, where its size may equal 61.8% of wave [Y] according to Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Buy 2.196, Take Profit: 2.280
Elliott Wave Analysis for Ethereum
A large upward zigzag (A)-(B)-(C) is forming on the H4 chart of ETHUSD. The first impulse wave (A) has been completed. The corrective wave (B) now seems to be forming, likely as a triple zigzag W-X-Y-XX-Z. The actionary wave Y has recently finished, and the initial part of the linking wave XX is now developing, which may finish near 3,431.04. At that level, sub-wave XX may equal about 38.2% of wave Y.
Trading Plan for ETHUSD for Today:
Buy 3,026.70, Take Profit: 3,431.04
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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