Dear Friends,
I've outlined a short-term forecast for Bitcoin, Ripple, and Ethereum based on Elliott Wave analysis. This article covers the following key points:
• Major Takeaways
• Elliott Wave Analysis for Bitcoin
• Elliott Wave Analysis for Ripple
• Elliott Wave Analysis for Ethereum
Major Takeaways
• BTCUSD: The price is currently in a correction (4). Consider short positions at the current level, with a target Take Profit at $91,965.
• XRPUSD: A decline to $1.897 is anticipated. Consider short positions with Take Profit at $1.895.
• ETHUSD: A drop to $3,083 is expected. Consider selling at the current level, with Take Profit at $3,083.
Elliott Wave Analysis for Bitcoin
The BTCUSD chart shows a correction (4) unfolding as a double zigzag pattern (W)-(X)-(Y) on the H4 time frame. A new bullish wave is developing in the final segment, likely forming as an impulse (1)-(2)-(3)-(4)-(5). Subwaves (1) and (2) are completed, and impulse wave (3) may also be finished. Therefore, the price is correcting in wave (4), which could complete as a standard zigzag pattern A-B-C, with the low potentially reaching $91,965, where impulse subwave A has ended.
Trading Plan for BTCUSD Today:
Sell at $98,280.46, Take Profit at $91,965.
Elliott Wave Analysis for Ripple
The XRPUSD chart displays a bullish impulse wave (1)-(2)-(3)-(4)-(5), with a strong impulse subwave (3) likely developing. Subwaves 1-2-3 are likely completed, and a complex correction 4 is expected to unfold as a double zigzag [W]-[X]-[Y]. The first two parts of the correction are completed, and a drop in subwave [Y] to a low of $1.895 is expected soon.
Trading Plan for XRPUSD Today:
Sell at $2.248, Take Profit at $1.895.
Elliott Wave Analysis for Ethereum
Ethereum appears to have completed a complex correction (B) as a double zigzag W-X-Y. Wave (C) is currently unfolding as an impulse (1)-(2)-(3)-(4)-(5). Subwaves 1 and 2 have formed—a leading diagonal and a zigzag. It seems that an ascending wave 3, which has developed as an impulse [1]-[2]-[3]-[4]-[5], has just completed. As a result, correction 4 is unfolding, which may end as a zigzag [A]-[B]-[C]. Correction [B] appears complete, and the price is expected to fall in impulse [C] to a low of $3,083.
Trading Plan for ETHUSD Today:
Sell at $3,435.38, Take Profit at $3,083.
This analysis provides insight into the short-term movements of Bitcoin, Ripple, and Ethereum, with trading strategies based on Elliott Wave patterns.