BNBUSD Elliott Wave Analysis | TradingLounge Daily Chart

Binance / U.S. Dollar (BNBUSD) Day Chart Analysis

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction (Next Higher Degree): Wave 2

Wave Cancel Invalid Level: N/A

Details: The decline in wave Y seems to be nearing completion, with the price re-entering the uptrend.

Binance / U.S. Dollar (BNBUSD) Trading Strategy

The wave 2 correction appears to be complete, signaling a potential upward price movement. Traders should look for an opportunity to join the uptrend.

Binance / U.S. Dollar (BNBUSD) Technical Indicators

• The price remains below the MA200, indicating a prevailing downtrend.

• The Wave Oscillator shows bearish momentum, suggesting caution despite the possible trend reversal.

BNBUSD Elliott Wave Analysis | TradingLounge H4 Chart

Binance / U.S. Dollar (BNBUSD) 4-Hour Chart Analysis

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction (Next Higher Degree): Wave (2)

Wave Cancel Invalid Level: N/A

Details: Wave (2) is likely concluding, with the price starting to re-enter the uptrend.

Binance / U.S. Dollar (BNBUSD) Trading Strategy

The completion of the wave 2 correction indicates a potential upward movement. Look for opportunities to align with the uptrend.

Binance / U.S. Dollar (BNBUSD) Technical Indicators

• The price is still positioned below the MA200, which reflects a downtrend.
• The Wave Oscillator continues to show bearish momentum, though a trend reversal is possible.

Technical Analyst:  Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Uniswap / U.S. Dollar (UNIUSD) Elliott Wave Technical Analysis

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