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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 a horizontal correction (4) developing as a contracting triangle A-B-C-D-E on the BTCUSD’s H4 time frame. The subwaves A-B-C may have formed as regular zigzags. The price may be rising in the subwave D, which may end shortly as a double zigzag. Next, the price could decline to 66,000.00 in the final wave E.
Trading plan for BTCUSD for today:
Sell 69,264.19, Take profit: 66,000.00
Elliott Wave analysis for Ripple
The XRPUSD crypto pair is moving within a corrective linking wave [X], which may develop as a regular zigzag (A)-(B)-(C). The leading diagonal (A) and the correction (B) are most likely formed. The bearish wave (C) is currently unfolding and may end as an ending diagonal. As part of wave (C), subwave 4 is nearing completion. The price is expected to reverse shortly and drop in subwave 5 to a level of 0.557.
Trading plan for XRPUSD for today:
Sell 0.586, Take profit: 0.557
Elliott Wave analysis for Ethereum
The crypto pair is evolving within a bearish correction (4) that will likely be completed as a zigzag A-B-C. The first impulse wave A is fully formed. It consists of subwaves [1]-[2]-[3]-[4]-[5]. The ultimate part of a complex correction B may be unfolding at the moment. The correction B is presumably developing as a double zigzag [W]-[X]-[Y]. Its subwave [Y] will most likely end at around the maximum of wave (B).
Trading plan for ETHUSD for today:
Buy 3,431.94, Take profit: 3,650.00
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Price chart of BTCUSD in real time mode
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.
