Overview of BNBUSD Elliott Wave Technical Analysis TradingLounge Daily and 4H Chart
Elliott Wave Theory offers a structured approach to trading, particularly highlighting potential price movements in financial markets. In the case of the Binance/US Dollar (BNBUSD), the current analysis points to a counter-trend mode with a corrective structure, primarily shaped in a triangle pattern. This analysis pertains to Wave ((D)) which is part of a larger sequence anticipated to move towards Wave 4.
Elliott Wave Analysis TradingLounge Daily Chart,
Binance/ U.S. dollar(BNBUSD) Chart Analysis
BNBUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave ((D))
Direction Next higher Degrees: wave 4
Wave Cancel invalid level: 508
Details: Correction in Triangle pattern before rising again in Wave 5.
Binance/ U.S. dollar(BNBUSD)Trading Strategy:
The short-term correction in Wave 4 with the Triangle pattern continues. Because there is still another decrease in wave E before an increase in wave 5, so wait for the correction to complete to look for opportunities to join the trend again.
Binance/ U.S. dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, and The Wave Oscillator is a Bullish Momentum.
BNBUSD Elliott Wave Analysis TradingLounge H4 Chart,
Binance/ U.S. dollar(BNBUSD) H4 Chart Analysis
BNBUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave ((D))
Direction Next higher Degrees: wave 4
Wave Cancel invalid level: 508
Details: Correction in Triangle pattern before rising again in Wave 5.
Binance/ U.S. dollar(BNBUSD)Trading Strategy:
The short-term correction in Wave 4 with the Triangle pattern continues. Because there is still another decrease in wave E before an increase in wave 5, so wait for the correction to complete to look for opportunities to join the trend again.
Binance/ U.S. dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.
Conclusion: Preparing for the Next Market Phase in BNBUSD
As the BNBUSD market navigates through its Elliott Wave cycle, particularly through the corrective triangle pattern, both traders and investors should prepare for the upcoming bullish phase. Understanding the intricacies of Wave ((D)) and the transition into Wave 5 is critical in positioning for the next significant price movement. Keeping an eye on critical technical indicators and the wave invalidation level will ensure readiness to capitalize on opportunities that arise as the market dynamics evolve.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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