Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis.
Following the recent price increase, attention shifts to the alternative scenarios.
The article covers the following subjects:
Major Takeaways
- BTCUSD: The price may rise in the first part of a potential impulse. Consider long positions with a Take Profit at 65,618.89.
- XRPUSD: A rise in the initial part of a bullish impulse is projected. Consider long positions with a Take Profit at 1.289.
- ETHUSD: The price may rise in a bullish correction. Consider long positions with a Take Profit at 1,954.77.
Elliott Wave Analysis for Bitcoin
The current Bitcoin chart shows a corrective zigzag pattern (A)-(B)-(C). At this stage, the correction appears to be complete. In the most recent part of the chart, the initial part of a new bullish wave may be taking shape. The first sub-wave 1 is likely unfolding. It may end near the previous high at 65,618.89. Once this level is reached, a modest pullback within sub-wave 2 may follow.
Trading Plan for BTCUSD for Today:
Buy at 61,638.03, Take Profit: 65,618.89
Elliott Wave Analysis for Ripple
XRPUSD is believed to be forming a global bullish impulse consisting of sub-waves (1)-(2)-(3)-(4)-(5). The prolonged wave (4) correction has likely been completed recently as a double zigzag W-X-Y. The initial part of a bullish impulse may now be unfolding in the latest section of the chart. In the near term, the price is expected to rise in impulse 1, with its completion likely near the 1.289 high. This level previously marked the completion of corrective sub-wave [4].
Trading Plan for XRPUSD for Today:
Buy at 1.097, Take Profit: 1.289
Elliott Wave Analysis for Ethereum
ETHUSD appears to be forming a triple zigzag correction [W]-[X]-[Y]-[X]-[Z]. Sub-waves [W]-[X]-[Y]-[X] are complete. The second linking wave [X] has formed as a triple zigzag of a smaller degree. The first part of wave [Z] is unfolding in the last segment of the chart. This wave will most likely become a zigzag (A)-(B)-(C). The first impulsive sub-wave (A) may have already been completed. In the near term, an upward correction is expected to unfold in wave (B). The size of wave (B) will likely be 50% of wave (A) based on Fibonacci ratios.
Trading Plan for ETHUSD for Today:
Buy at 1,713.57, Take Profit: 1,954.77
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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Source: Original Article
