Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 05.06.2024 | LiteFinance
Dear readers,
I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.
The prices of three cryptocurrencies are following the scenario we have previously identified.
The article covers the following subjects:
Elliott Wave analysis for Bitcoin
The impulse made of subwaves [1]-[2]-[3]-[4]-[5] continues forming in Bitcoin’s chart. Subwaves [1]-[2]-[3]-[4] have formed for now. The first subwave (1) may be unfolding as part of wave [5]. Correction 4 is presumably completed as part of impulse (1), and the price is now growing in subwave 5, probably to 75,048.50. At that level, the size of subwave 5 will be 76.4% of subwave 3.
Trading plan for BTCUSD for today:
Buy 70,566.56, Take profit: 75,048.50
Elliott Wave analysis for Ripple
As in previous days, Ripple’s price is forming a double zigzag. The actionary wave [W], made of subwaves (A)-(B)-(C), is likely completed. The linking wave [X] is formed as a horizontal contracting triangle (A)-(B)-(C)-(D)-(E). A bullish wave [Y] is expected to form shortly. Its first impulse subwave (A) may end near the high of 0.565.
Trading plan for XRPUSD for today:
Buy 0.520, Take profit: 0.565
Elliott Wave analysis for Ethereum
The third part of a bullish zigzag – impulse wave (C) – continues unfolding in Ethereum’s chart. The first two small subwaves 1 and 2 are completed. The price is likely soaring in subwave [5] of impulse 3, whose subwaves [1]-[2]-[3]-[4] are completed. The price will presumably grow to 4,070.43 in subwave [5]. At this level, subwave [5] will be 38.2% of subwave [3].
Trading plan for ETHUSD for today:
Buy 3,810.02, Take profit: 4,070.43
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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.
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