Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis.
The article covers the following subjects:
Major Takeaways
- BTCUSD: A bearish correction is expected to start developing shortly. Consider short positions with a Take Profit at 60,376.79.
- 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 the final part of a bullish correction. Long positions can be considered with a Take Profit at 1,849.46.
Elliott Wave Analysis for Bitcoin
Bitcoin has presumably formed a large zigzag (A)-(B)-(C). The first part of a new bullish wave is developing in the last segment of the chart. The first sub-wave 1 appears to have formed as an impulse. In the near term, the price may decline in correction 2. The size of correction 2 will likely be 61.8% of wave 1 based on Fibonacci ratios. Thus, the price may fall to 60,376.79.
Trading Plan for BTCUSD for Today:
Sell at 62,800.21, Take Profit: 60,376.79
Elliott Wave Analysis for Ripple
XRPUSD is likely forming a large bullish impulse (1)-(2)-(3)-(4)-(5). The prolonged correction (4) has likely been completed recently as a double zigzag W-X-Y. The initial part of a bullish impulse is now unfolding in the latest section of the chart. In the near term, the price is expected to rise in impulse 1, with completion expected near the high of 1.289. At this level, a minor correction [4] previously ended. After reaching the above high, a modest pullback in corrective wave 2 may follow.
Trading Plan for XRPUSD for Today:
Buy at 1.093, Take Profit: 1.289
Elliott Wave Analysis for Ethereum
On the ETHUSD chart, we can see part of a large corrective trend taking the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Sub-waves [W]-[X]-[Y]-[X] have already been completed. 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 final part of wave (A), which is taking the form of an impulse, is currently unfolding. In the near term, correction 4 within impulse (A) is expected to be completed. Wave 4 may end as a double zigzag near the 1,849.46 high. After reaching this high, the price is expected to decline in sub-wave 5.
Trading Plan for ETHUSD for Today:
Buy at 1,749.63, Take Profit: 1,849.46
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
