TradingLounge Elliott Wave Analysis of BNBUSD: Daily Charts
In the financial world of cryptocurrency trading, understanding market trends and patterns is crucial for effective strategy formulation. The Elliott Wave Theory offers a framework for analyzing price movements, which can be particularly insightful when examining cryptocurrencies like the Binance/US Dollar (BNBUSD). This analysis provides a detailed look at the current technical setups according to Elliott Wave principles on both the Daily and H4 charts of BNBUSD.
Binance/ U.S. dollar(BNBUSD) Daily 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.
Technical Analyst: Kittiampon Somboonsod
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Conclusion
In summary, the BNBUSD pair exhibits a typical Elliott Wave correction pattern with expected future bullish behaviour. By adhering to the principles laid out in this analysis, traders can enhance their decision-making process, ensuring alignment with broader market dynamics and capitalizing on potential opportunities presented by Elliott Wave forecasts.