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 section of a bullish impulse to a high of 112,000.00. Consider long positions.
- XRPUSD: The bullish linking wave (XX) is expected to complete near the 2.251 level. Long positions can be considered with a target of 2.251.
- ETHUSD: The price is expected to grow in the fifth part of impulse (A). Consider long positions with Take Profit at 2,881.36.
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 complex and prolonged correction 4 within sub-wave (5) may have ended, and the price is now beginning to rise in the second part of the final sub-wave 5. The target for the bulls could be the 112,000.00 high — the level where impulse wave 3 previously ended.
Trading Plan for BTCUSD for Today:
Buy 108,191.89, Take profit: 112,000.00
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) may be in progress, forming a complex structure — 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 likely unfolding as a triple zigzag (W)-(X)-(Y)-(XX)-(Z). The first three parts of this correction have already formed. A rise in sub-wave (XX) to the 2.251 level is expected shortly, followed by a decline in the actionary sub-wave (Z).
Trading Plan for XRPUSD for Today:
Buy 2.184, Take profit: 2.251.
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). It’s quite possible that the price is currently rising in impulse (A). Correction 4 has been completed at a smaller wave level, and growth is expected to continue in sub-wave 5. The price is likely to rise to its previous high of 2,881.36.
Trading Plan for ETHUSD for Today:
Buy 2,493.44, Take profit: 2,881.36
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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