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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:
Elliott Wave analysis for Bitcoin
We can see the initial part of a bullish impulse on Bitcoin’s H4 time frame. Its first two subwaves [1]-[2] are complete, and the third subwave [3] started unfolding. Subwave (1) is nearing completion as a regular five-wave impulse inside subwave [3]. So, we can expect wave (1) to end soon; then, a bearish correction (2) will develop, presumably to around 60,293.00.
Trading plan for BTCUSD for today:
Sell 66,297.97, Take profit: 60,293.00
Elliott Wave analysis for Ripple
After wave XX formed as a double zigzag, the market started moving upwards in a bullish impulse. Its subwaves [1] and [2] – a leading diagonal and a zigzag – look fully formed. The price is currently growing actively in the first part of bullish impulse [3]. The subwaves (1)-(2) of wave [3] are formed. The price is expected to grow in subwave (3) soon to the high of 0.695 marked by wave (X).
Trading plan for XRPUSD for today:
Buy 0.608, Take profit: 0.695
Elliott Wave analysis for Ethereum
The ETHUSD crypto pair is forming the initial part of a bullish impulse. Impulse subwave (1) and correction (2) are formed. The first half of a powerful impulse wave (3) has been forming since the end of January. As its part, impulse subwave 1 may have developed. So, a bearish correction 2 may start developing soon, presumably to around 3358.00.
Trading plan for ETHUSD for today:
Sell 3803.75, Take profit: 3358.00
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The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
