Binance/ U.S. Dollar (BNBUSD) Elliott Wave Analysis – TradingLounge Daily Chart
BNBUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave E
Next Higher Degree Trend: Wave IV of Impulse
Invalidation Level: N/A
BNBUSD Trading Strategy
After completing a strong bullish Wave III, BNBUSD is currently forming a Wave IV structure, resembling a Contracting Triangle. The 0.618 Fibonacci Retracement level at 552.67 USDT is a key level where Wave E is likely to end, making it a potential reversal zone.
Trading Strategy for BNBUSD
Long Strategy
- Entry Point: Buy at 552 USDT upon confirming a reversal signal.
- Breakout Entry: Open a buy position if the price surpasses 730.90 USDT with high trading volume.
Risk Management
- Invalidation Point: If BNBUSD falls below 503.51 USDT, exit the trade to minimize losses.
Binance/ U.S. Dollar (BNBUSD) Elliott Wave Analysis – TradingLounge H4 Chart
BNBUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave E
Next Higher Degree Trend: Wave IV of Impulse
Invalidation Level: N/A
BNBUSD Trading Strategy
Following the completion of Wave III, BNBUSD is currently in a Wave IV correction phase, forming a Contracting Triangle. The 0.618 Fibonacci Retracement level at 552.67 USDT is an important level where Wave E is projected to conclude, potentially signaling a trend reversal.
Trading Strategy for BNBUSD
Long Strategy
- Entry Point: Initiate a buy position at 552 USDT after confirming a bullish reversal pattern.
- Breakout Entry: Buy if the price breaks above 730.90 USDT with strong volume confirmation.
Risk Management
- Invalidation Point: If BNBUSD drops below 503.51 USDT, exit the trade to prevent significant losses.
Technical Analyst: Kittiampon Somboonsod, CEWA
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