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Dear readers,
I have prepared short term forecasts for Bitcoin, Ripple and Ethereum based on Elliott Wave analysis.
The article covers the following topics:
Key points and highlights
- Bitcoin/US Dollar: The price may decline in correction 4. Consider selling from the current level with a take profit at 63986.00.
- Ripple vs Dollar: Expect a drop to 0.515 in correction (4). Consider selling from the current level with a take profit at 0.515.
- Ethereum/USD: Batch 1 is done. Downside correction 2 is expected to reach 3279.83. Consider selling with take profit at 3279.83.
Bitcoin Elliott Wave Analysis
A new upward wave is developing in BitcoinPrice chart. It may form as an impulsive wave (1)-(2)-(3)-(4)-(5), and the first two minor sub-waves (1)-(2) are supposed to have completed. An upward impulsive wave (3) is currently unfolding, within which sub-wave 3 has formed. The price is expected to fall in correction 4. The correction is likely to be 38.2% of wave 3, so the decline will continue to 63986.00.
BTCUSD Trading Plan for Today:
Sell 65976.60, Take Profit: 63986.00
Ripple Elliott Wave Analysis
Paid [A]which began to develop after the formation of the XX-linked wave, continues to appear in rippleChart of ‘s. It is assumed that sub-waves (1)-(2)-(3) have formed as their parts. The price is expected to soon decline in corrective wave (4), the size of which may be equal to 50% of impulse (3). Thus, the price may decline to 0.515. Once this level is reached, the cryptocurrency may resume growth.
XRPUSD Trading Plan for Today:
Sell 0.594, Take Profit: 0.515
Elliott Wave Analysis of Ethereum
The first part of the new bullish wave is supposed to develop in Ethereum“” diagram as pulse 1-2-3-4-5. Apparently, the first sub-wave 1 has been completed as pulse [1]-[2]-[3]-[4]-[5]The price is likely to have started to decline in correction 2, which may be 38.2% of wave 1 according to Fibonacci ratios. Short positions can be considered in the current situation.
ETHUSD Trading Plan for Today:
Sell 3447.13, Take Profit: 3279.83
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BTCUSD price chart in current situation
The content of this article reflects the opinion of the author 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 providing investment advice for the purposes of Directive 2004/39/EC.
