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))

Next Higher Degree Direction: Wave 2

Wave Cancel Invalid Level: N/A

Details: The decline in wave Y appears to be nearing completion, signaling a potential re-entry into an uptrend as the price is positioned to resume upward momentum.

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

The correction within wave 2 seems to have concluded, shifting focus toward the anticipated five-wave rally in wave 2. The current price action remains aligned with an uptrend, suggesting favorable conditions for a trend re-entry.

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

  • Moving Average 200 (MA200): The price remains above the MA200, indicating a prevailing uptrend.

  • Wave Oscillator: Displays bullish momentum, reinforcing the current upward trend bias.

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BNBUSD Elliott Wave Analysis - 4-Hour Chart

BNBUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Next Higher Degree Direction: Wave ((3)) of Impulse

Wave Cancel Invalid Level: N/A

Details: Wave 3 is projected to reach approximately 161.8% of wave 1, supporting a continuation of the impulse wave structure.

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

With the wave 2 correction likely complete, focus remains on the development of the five-wave rally in wave 3. Current price action continues to support an uptrend, making a re-entry into the trend a favorable strategy.

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

  • Moving Average 200 (MA200): Price positioning above MA200 signals an ongoing uptrend.

  • Wave Oscillator: Indicates bullish momentum, supporting the anticipated trend continuation.

Technical Analyst:  Kittiampon Somboonsod

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

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