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: The price may decline in the fifth part of an impulse. Consider short positions with a Take Profit at 57,662.26.
- XRPUSD: The price is expected to decline in the final impulse wave of the zigzag pattern. Consider short positions with a Take Profit at 0.951.
- ETHUSD: The price may decline as part of a bearish impulse wave. Short positions can be considered with a Take Profit at 1,273.43.
Elliott Wave Analysis for Bitcoin
In the long term, Bitcoin is likely forming a large simple zigzag (A)-(B)-(C). The first waves (A) and (B) have already formed. Sub-wave (C) may be unfolding as a 1-2-3-4-5 impulse. Its sub-waves 1-2-3-4 appear to be complete. The price is expected to decline in the final sub-wave 5, with a target near 57,662.26—the level where impulse sub-wave 3 previously ended.
Trading Plan for BTCUSD for Today:
Sell at 62,585.89, Take Profit: 57,662.26
Elliott Wave Analysis for Ripple
XRPUSD is likely forming a large bullish impulse (1)-(2)-(3)-(4)-(5). The complex correction (4) may currently be unfolding as a double zigzag W-X-Y. To complete wave Y, the final zigzag (A)-(B)-(C) needs to be fully formed. Within the final impulse wave (C), four of the five sub-waves have already formed. In the near term, the price is expected to decline in the final sub-wave 5 toward 0.951. At that level, the size of wave [5] will be 76.4% of wave [3].
Trading Plan for XRPUSD for Today:
Sell at 1.063, Take Profit: 0.951
Elliott Wave Analysis for Ethereum
In ETHUSD, a large corrective wave (4), consisting of sub-waves W-X-Y, is likely developing. The current chart shows the second part of the actionary wave Y, which is unfolding as a triple zigzag [W]-[X]-[Y]-[X]-[Z], with sub-waves [W]-[X]-[Y]-[X] already completed. The second linking wave [X] has formed as a triple zigzag of smaller degree. The second part of wave [Z] is unfolding in the last segment of the chart. This wave will most likely become a zigzag (A)-(B)-(C). Impulse (A) and correction (B) have presumably formed. In the near term, the pair is expected to decline in impulse wave (C). The price may fall toward 1,273.43, where impulse wave (C) will reach 61.8% of wave (A) according to Fibonacci ratios.
Trading Plan for ETHUSD for Today:
Sell at 1,780.95, Take Profit: 1,273.43
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
