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 correction is completed. Expect the price to rise in sub-wave 5 to a high of 124,560.00. Consider long positions.XRPUSD: A bullish correction is expected to end near 3.375. Consider long positions, targeting 3.375.ETHUSD: The price is expected to grow in the final part of the impulse. Consider buying with Take Profit at 5,523.99.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, the final part of the large impulse (1)-(2)-(3)-(4)-(5) is currently unfolding. The complex and prolonged correction 4 within sub-wave (5) may have ended. It includes sub-waves [W]-[X]-[Y]. The price is now beginning to rise in the early phase of the final sub-wave 5, potentially to 124,560.00. At that level, wave 5 will equal 32.8% of impulse 3 based on Fibonacci ratios.
Trading Plan for BTCUSD for Today:
Buy 109,786.86, Take Profit: 124,560.00
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Apparently, correction (4), which took the form of a double three, has recently been completed. Impulse (5) is currently unfolding. Sub-waves 1-2-3 appear to be complete, and correction 4 is currently unfolding. Based on its initial structure, it is forming as a zigzag [A]-[B]-[C]. Wave [B] is expected to complete around 3.375 — the previous high.
Trading Plan for XRPUSD for Today:
Buy 2.874, Take Profit: 3.375
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of the large correction, which is taking the form of a double zigzag W-X-Y. The final actionary wave X is currently developing. Within the linking wave X, which may take the form of a zigzag [A]-[B]-[C], impulse [A] and correction [B] have already been completed. Impulse [C] is currently unfolding and may complete near 5,523.99. At that level, the size of wave 5 will be 61.8% of impulse 3 based on Fibonacci ratios.
Trading Plan for ETHUSD for Today:
Buy 4,394.40, Take Profit: 5,523.99
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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