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 continues to decline in the motive wave [Y]. Consider short trades 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 trades with Take Profit at 1.990.
- ETHUSD: The asset may slide 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 sub-waves (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 sub-wave 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 triangle correction (B) has ended on a smaller wave level, followed by a decline in impulse (C).
Trading Plan for BTCUSD for Today:
Sell 95,950.41, 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 sub-wave (3) is likely completed, and correction (4) has started developing, potentially as the double zigzag W-X-Y. The motive wave W and linking wave X look completed. The wave Y is underway. 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. Correction [B] may form on a smaller wave level, ending at a high of 2.533. Afterward, the decline may continue.
Trading Plan for XRPUSD for Today:
Sell 2.405, 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 sub-wave Y, which looks like a standard zigzag [A]-[B]-[C], is in progress. Impulse [A] and the triangle correction [B] are complete. The price is likely falling in impulse [C], in its fifth part, potentially to the previous low of 2,105.00, marked by sub-wave (3).
Trading Plan for ETHUSD for Today:
Sell 2,603.00, 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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