Elliott Wave Technical Analysis: Binance/U.S. Dollar - Monday, Oct. 9

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Elliott Wave Analysis TradingLounge Daily Chart, 9 October 2023.

Binance/U.S. Dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (5)

Direction Next higher Degrees: wave ((C)) of Zigzag

Wave Cancel invalid level:

Details: Wave ((C)) trend move to 138.2% of Wave ((A)) at 23214.83

Binance/U.S. Dollar(BNBUSD) Trading Strategy: the overview downtrend of Binance does not end,  by the price still below MA200, MA50 Line and Wave ((C)) is not complete, we look for the price at below 203.4

Binance/U.S. Dollar(BNBUSD) Technical Indicators: The price is below  the MA200 indicating a downtrend,  RSI has a bullish momentum
Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 9 October 2023 

Binance/U.S. Dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave 4

Direction Next higher Degrees: wave ((C)) of Zigzag

Wave Cancel invalid level: 234.8

Details: The movement within a triangle pattern

Binance/U.S. Dollar(BNBUSD)Trading Strategy: the overview downtrend of Binance does not end,  by the price still below MA200, MA50 Line and Wave ((C)) is not complete, we look for the price at below 203.4

Binance/U.S. Dollar(BNBUSD)Technical Indicators: The price is below the MA200 indicating a downtrend,  RSI has a bullish momentum.

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