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-1D-crypto-cha...

 


 

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

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

Previous: ChainLink/ U.S. dollar(LINKUSD) Pair Analysis

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BNBUSD-4Hr-crypto-ch...

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.

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