BNBUSD Elliott Wave Analysis TradingLounge Daily Chart.
In today's Elliott Wave analysis, we delve into the Binance coin/U.S. dollar (BNBUSD) pair, uncovering insights to help traders navigate the market effectively. BNBUSD chart presents an intriguing opportunity for traders to capitalize on the ongoing uptrend.
Binance coin/ U.S. dollar(BNBUSD) Daily Chart Analysis
BNBUSD Elliott Wave Analysis on Daily Chart
BNBUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 3
Direction Next higher Degrees: Wave (3)
Wave Cancel invalid level: 287.5
As per Elliott Wave theory, BNBUSD is currently positioned within Wave 3, indicating a strong bullish sentiment in the market. Wave 3, being an impulse wave, signifies a powerful move in the direction of the prevailing trend. Notably, Wave 3 equals 261.8% of Wave 1 at 592.8, suggesting considerable momentum in the uptrend.
BNBUSD Trading Strategy:
With BNBUSD still entrenched in an uptrend, traders have an opportunity to capitalize on potential further upside. Wave 3's internal sub-waves are yet to be completed, indicating the likelihood of continued upward movement. There exists a chance to test the 717.0 level, presenting potential profit-taking opportunities for astute traders.
BNBUSD Technical Indicators:
- Price above the MA200: Indicates a sustained uptrend.
- Wave Oscillator: Shows bullish momentum, further supporting the upward bias in BNBUSD.
TradingLounge Elliott Wave Analysis of BNBUSD
Binacecoin/ U.S. dollar(BNBUSD) 4H Chart Analysis
BNBUSD Elliott Wave Technical Analysis
BNBUSD Elliott Wave Analysis on 4H Chart
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 3
Direction Next higher Degrees: Wave (3)
Wave Cancel invalid level: 287.5
Upon closer examination of the 4-hour chart, BNBUSD continues to exhibit characteristics of Wave 3, maintaining bullish momentum in the market. However, there are indications that Wave 3 may be nearing completion, with prices potentially correcting in Wave 4.
Binacecoin/ U.S. dollar(BNBUSD) Trading Strategy:
Despite the possibility of Wave 3 completion, BNBUSD remains within an overarching uptrend. Traders can still capitalize on potential upward movements, particularly as Wave 3 unfolds. Testing the 717.0 level remains a viable scenario, offering traders additional profit opportunities.
Binacecoin/ U.S. dollar(BNBUSD) Technical Indicators:
- Price above the MA200: Reinforces the prevailing uptrend.
- Wave Oscillator: Indicates bullish momentum, aligning with the overall bullish outlook for BNBUSD.
Conclusion
In conclusion, the Elliott Wave analysis of BNBUSD suggests a favourable environment for traders seeking to ride the trend for profitable outcomes. With Wave 3 still in play, there exists ample opportunity for further upward movement, presenting traders with favourable risk-to-reward ratios. By aligning trading strategies with the prevailing Elliott Wave structure and leveraging technical indicators, traders can navigate the BNBUSD market with confidence, aiming for successful trades amidst the ongoing uptrend.
Technical Analyst: Kittiampon Somboonsod, CEWA
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See Previous: Dogecoin/ U.S. dollar(DOGEUSD)
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