Hello folks,
I’ve put together a quick analysis for Bitcoin, Ripple, and Ethereum using the Elliott wave framework to give you a snapshot of what to expect in the short term.
Key Highlights
Bitcoin (BTCUSD): The upward trend is still in play. It’s a good idea to consider long positions at the current price with a target of 102,606.42.
Ripple (XRPUSD): We’re looking at a likely uptick as part of an impulse wave. Think about going long with a target price of 1.625.
Ethereum (ETHUSD): The upward momentum seems strong. You might want to buy now and aim for a profit at 3,672.00.
Bitcoin Elliott Wave Analysis
Bitcoin (BTCUSD) might have recently finished a correction phase [4], characterized by a complex zigzag pattern (W)-(X)-(Y). We are seeing a new bullish move starting, which could form as an impulse pattern (1)-(2)-(3)-(4)-(5). The initial impulse (1) and its subsequent correction (2) are already done. Subwaves 1 and 2 of a smaller scale also seem complete, and subwave 3 is unfolding as an impulse [1]-[2]-[3]-[4]-[5]. The correction (4), which formed as a skewed triangle (A)-(B)-(C)-(D)-(E) within subwave [3], is nearly complete. Once this is done, the price might push higher in subwave [5] reaching up to 102,606.42.
Trading Plan for BTCUSD Today:
- Entry: Buy at 93,233.29
- Target: 102,606.42
Ripple Elliott Wave Analysis
For Ripple (XRPUSD), the chart shows a large correction pattern breaking down into a zigzag [A]-[B]-[C]. We’ve seen the final part of the impulse wave [A] finish. The correction [B] took the shape of another zigzag (A)-(B)-(C). Now, it seems that a bullish wave [C] is building as an impulse (1)-(2)-(3)-(4)-(5). Its subwaves (1)-(2)-(3)-(4) appear to be in place already. The price could climb higher in subwave (5) up to 1.625, marking 76.4% of the length of subwave (3), which also happens to be the previous peak of subwave 3.
Trading Plan for XRPUSD Today:
- Entry: Buy at 1.381
- Target: 1.625
Ethereum Elliott Wave Analysis
Ethereum’s chart suggests a complex correction wave (B) formed as a double zigzag W-X-Y. The wave (C) is currently developing as an impulse with waves 1-2-3-4-5. Waves 1 and 2 are complete, and the price action is now within the impulse wave 3, which itself consists of sub-waves [1]-[2]-[3]-[4]-[5]. Correction [4] appears to be done, and the price could surge further in wave [5] to the target of 3,672.00, reaching 61.8% of the length of wave [3].
Trading Plan for ETHUSD Today:
- Entry: Buy at 3,434.48
- Target: 3,672.00
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Live BTCUSD Price Chart Available
Note: The opinions expressed here reflect the author’s view and do not necessarily represent the official stance of LiteFinance. This material is shared for informational purposes and should not be considered investment advice as outlined in Directive 2004/39/EC.
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