BNBUSD Elliott Wave Analysis – TradingLounge Daily Chart

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

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction of Next Higher Degree: Wave 2

Wave Cancel Invalid Level:

Details: The decline of Wave Y is nearing completion, with the price expected to re-enter the uptrend shortly.

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

The correction phase for Wave (2) appears to have concluded, signaling a potential upward movement. Traders should watch for an opportunity to enter the market and ride the Wave (3) uptrend.

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

• The price remains above the MA200, indicating an overall uptrend.

• However, the Wave Oscillator shows bearish momentum.

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 of Next Higher Degree: Wave (2)

Wave Cancel Invalid Level:

Details: Wave (2) correction is likely ending, suggesting the price is set to resume the uptrend.

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

With the Wave (2) correction appearing complete, the price is expected to rise. Traders should consider entering positions to take advantage of the upcoming Wave (3) upward movement.

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

• The price remains above the MA200, supporting an uptrend continuation.

• However, the Wave Oscillator indicates bearish momentum.

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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