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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 cryptocurrencies may drop to the previous lows.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
We can see a layout of an impulse forming. It consists of subwaves [1]-[2]-[3]-[4]-[5]. The subwaves [1]-[2]-[3]-[4] are complete. The initial part of the final impulse wave [5] is currently unfolding, with the first small subwaves (1)-(2) already formed. The first subwave (1) may be unfolding as part of wave [5]. The price is presumably correcting in subwave [4], which is a part of impulse (1), and may fall to the low of 65,965.98.
Trading plan for BTCUSD for today:
Sell 68,574.27, Take profit: 65,965.98
Elliott Wave analysis for Ripple
A double zigzag continues unfolding on the XRPUSD’s chart. The actionary wave [W], made of subwaves (A)-(B)-(C), is likely completed. The linking wave [X] looks completed, too. The actionary wave [Y] may be unfolding at the moment, forming as a double zigzag (W)-(X)-(Y). Subwave (X) may end shortly, and the price will grow in subwave (Y). Wave (X) is expected to end at the low of 0.496.
Trading plan for XRPUSD for today:
Sell 0.525, Take profit: 0.496
Elliott Wave analysis for Ethereum
We can see an impulse forming as the first part of a new bullish trend. The first two small subwaves 1 and 2 are completed. The price is likely soaring in impulse 3, whose subwaves [1]-[2]-[3] are completed. The price is expected shortly to slide in corrective subwave [4] to the previous low at 3729.74. The chart shows an approximate pattern of an eventual future movement.
Trading plan for ETHUSD for today:
Sell 3,858.63, Take profit: 3,729.74
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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.
