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 will presumably continue declining in the actionary wave [Y]. Consider short positions from the current level with Take Profit at 89,129.00.
- XRPUSD: A decline in the final part of the bearish correction is projected. Consider short positions with Take Profit at 1.990.
- ETHUSD: The price may decline to the previous low. Consider selling from the current level with Take Profit at a low of 2,105.00.
Elliott Wave Analysis for Bitcoin
A new bullish wave is developing in the last segment of Bitcoin’s chart. It could form as impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1) and (2) are completed, and impulse (3) may have formed, too. The sideways correction (4) is in progress in the form of the horizontal double three pattern W-X-Y. Its first subwave W is complete, and the sideways correction X is formed as an expanding triangle. The final wave Y could be in progress. It will likely form as the double zigzag [W]-[X]-[Y] near the previous low of 89,129.00, where wave [D] formed earlier. The triangular correction (B) is expected to end development on a smaller wave level, followed by a decline in impulse (C), as shown in the chart.
Trading Plan for BTCUSD for Today:
Sell 97,156.39, Take profit: 89,129.00
Elliott Wave Analysis for Ripple
The XRPUSD chart shows a bullish impulse (1)-(2)-(3)-(4)-(5). Its large impulse subwave (3) is likely completed, and correction (4) has started developing, potentially as the double zigzag W-X-Y. The actionary wave W and wave X look completed. The actionary wave Y may be in progress. It is projected to end near the target level of 1.990 as a standard zigzag [A]-[B]-[C]. At that level, the size of wave Y will be 161.8% of wave W according to Fibonacci ratios.
Trading Plan for XRPUSD for Today:
Sell 2.397, Take profit: 1.990
Elliott Wave Analysis for Ethereum
Correction (B) is expected to develop in ETHUSD’s H1 chart, presumably as the double zigzag W-X-Y. Its final subwave Y, which looks like a simple zigzag [A]-[B]-[C], is in progress. Impulse [A] and the triangular correction [B] are complete. The price could be declining in impulse [C], potentially to the previous low of 2,105.00, marked by subwave (3).
Trading Plan for ETHUSD for Today:
Sell 2,637.78, Take profit: 2,105.00
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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