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Elliott Wave Analysis TradingLounge Daily Chart

Binance/ U.S. dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave ((Y))

Direction Next higher Degrees: wave 2

Wave Cancel invalid level:

Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.

Binance/ U.S. dollar(BNBUSD)Trading Strategy:
The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 2 and the price action remains in an uptrend. We are looking for a re-entry into the trend.

Binance/ U.S. dollar(BNBUSD)Technical Indicators:
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bullish Momentum.

Elliott Wave Analysis TradingLounge 4hr Chart

Binance/ U.S. dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: wave ((3)) of Impulse

Wave Cancel invalid level:

Details: Wave 3 is likely to be 161.8% of wave 1.

Binance/ U.S. dollar(BNBUSD)Trading Strategy:
The correction in wave 2I seems to be over so we focus on the five-wave rally of wave 3 and the price action remains in an uptrend. We are looking for a re-entry into the trend.

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: Tradinglounge.com

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