Dear readers,
Here's my 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
Supposedly, Bitcoin has finished forming the linking wave X that looks like a zigzag [A]-[B]-[C]. The triangle correction (4) is formed as part of the ultimate impulse wave [C]. The price could be declining in a new bearish wave that may form as an impulse. Its first part, subwave [1], is currently unfolding. It may end near the low at 40,733.00 marked by subwave (3).
Trading plan for BTCUSD for today:
Sell 43,673.74, Take profit: 40,733.00
Elliott Wave analysis for Ripple
The XRPUSD crypto-pair continues forming a second linking wave (XX) inside a triple zigzag [X]. Wave (XX) can form as a double zigzag W-X-Y, where actionary wave Y is missing for the zigzag to be complete. This wave looks like a double zigzag [W]-[X]-[Y]. In the nearest time, the price is expected to decline in impulse (C), which may end wave [Y] near the low at 0.489.
Trading plan for XRPUSD for today:
Sell 0.568, Take profit: 0.489
Elliott Wave analysis for Ethereum
The ETHUSD crypto-pair has likely finished forming linking wave [X] that looks like a triple zigzag. After actionary wave (Z) was completed, the price moved down. The first part of double zigzag (W)-(X)-(Y) is presumably developing at the moment. The price may drop in the second half of actionary wave (W) in the nearest time. That wave could develop as a standard zigzag A-B-C and end near the low at 2003.00.
Trading plan for ETHUSD for today:
Sell 2247.76, Take profit: 2003.00
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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.
