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: Correction 4 is coming to an end. The price may rise in the impulse 5 soon. Consider buying with Take Profit at 110,574.04.XRPUSD: The bullish linking wave [X] is expected to complete near the previous high. Long positions with a target at 2.325 could be considered.ETHUSD: The asset may climb within the fifth part of impulse (A). Consider long trades with Take Profit at 2,881.36.
Elliott Wave Analysis for Bitcoin
On the H4 chart of Bitcoin, the final part of the large impulse wave (1)-(2)-(3)-(4)-(5) is unfolding. Within sub-wave (5), correction 4 is forming as a double three [W]-[X]-[Y]. The correction is expected to end soon, and the price may start increasing in a bullish wave 5. This wave may complete the bullish impulse (5) near the high of 110,574.04. In this connection, one may consider long trades.
Trading Plan for BTCUSD for Today:
Buy 101,927.04, Take profit: 110,574.04
Elliott Wave Analysis for Ripple
From a global perspective, a bullish impulse (1)-(2)-(3)-(4)-(5) is developing on the XRPUSD chart. Correction (4) is still unfolding and may take the form of a triple zigzag W-X-Y-X-Z. The final actionary wave Z is likely forming as a double zigzag [W]-[X]-[Y]. The first actionary wave [W] appears complete, and the linking wave [X] is in progress. Within wave [X], sub-wave (X) was recently completed. The price is now rising in sub-wave (Y) to the high of 2.325.
Trading Plan for XRPUSD for Today:
Buy 2.011, Take profit: 2.325
Elliott Wave Analysis for Ethereum
The H4 chart of ETHUSD shows the breakdown of the large correction (4), which is taking the form of a double zigzag W-X-Y. The final actionary wave Y of (4) is currently unfolding, potentially as a double zigzag [W]-[X]-[Y]. The price is most likely moving within the linking wave [X], which appears to be developing as a zigzag (A)-(B)-(C). The price is likely rising in impulse (A). Correction 4 has finished at a lower wave degree. The price is expected to grow in its fifth part, sub-wave 5, to the previous high of 2,881.36.
Trading Plan for ETHUSD for Today:
Buy 2,256.65, Take profit: 2,881.36
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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