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: Expect a decline in impulse wave 5. Consider short positions with a Take Profit at 61,303.58.
- XRPUSD: A decline within the final part of a large correction is projected. Consider short positions with a Take Profit at 1.134.
- ETHUSD: The price may decline in impulse [C]. Consider short positions with a Take Profit at 1,769.45.
Elliott Wave Analysis for Bitcoin
The H4 chart of Bitcoin shows the initial stage of a bearish zigzag. The first sub-wave (A) is currently unfolding. Within it, sub-waves [1]-[2]-[3]-[4] have already formed. Sub-wave [5] is currently developing. It may end at around 61,303.58. At that level, the size of wave [5] will reach 50% of wave [3].
Trading Plan for BTCUSD for Today:
Sell at 66,740.32, Take Profit at 61,303.58
Elliott Wave Analysis for Ripple
XRPUSD is forming a large complex correction (4), taking the shape of a double zigzag W-X-Y. The final wave Y is currently developing. The price is expected to decline in sub-wave 5 toward the previous low of 1.134 in the near term. This level was marked by sub-wave 3.
Trading Plan for XRPUSD for Today:
Sell at 1.313, Take Profit at 1.134
Elliott Wave Analysis for Ethereum
From a global perspective, ETHUSD is forming a large upward zigzag (A)-(B)-(C). The first impulse wave (A) has been completed, and a complex correction (B) is currently developing, likely as a triple zigzag. The final actionary wave Z of (B) may end as a zigzag [A]-[B]-[C]. Sub-wave [C] still needs to form for the structure to be complete. The price will likely decline in impulse [C] to 1,769.45.
Trading Plan for ETHUSD for Today:
Sell at 2,045.92, Take Profit at 1,769.45
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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