Elliott Wave Technical Analysis: Binance Coin / U.S. Dollar

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Elliott Wave Analysis TradingLounge Daily Chart, 17 March 2023.  

Binance Coin/U.S. Dollar (BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 is equal to 1.618 multiplied Length of wave 1 at 568.8

Wave Cancel invalid level: 220 

Binance Coin/U.S. Dollar (BNBUSD) Trading Strategy: Binance Coin has recovered from the 265 level above the MA200 line, it is possible that wave ((2)) has ended. And the five-wave increment from this point confirms this idea. This leads us to forecast an increase in wave((3)) at the level of 1.618 x wave((1)) at 568.8.

Binance Coin/U.S. Dollar (BNBUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. The wave oscillators above Zero-Line momentum are bullish.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 17 March 2023.  

Binance Coin/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 Motive

Details:As we look for confirmation of the end of wave (2), the price rises above 319. It is possible that wave (3) is in progress. and may lead to 1.618 x wave (1) at level 388.

Wave Cancel invalid level: 265

Binance Coin/U.S. Dollar (BNBUSD) Trading Strategy: Binance Coin has recovered from the 265 level above the MA200 line, it is possible that wave ((2)) has ended. And the five-wave increment from this point confirms this idea. This leads us to forecast an increase in wave((3)) at the level of 1.618 x wave((1)) at 388.1

Binance Coin/U.S. Dollar (BNBUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. The wave oscillators above Zero-Line momentum are bullish.


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Disclosure: As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical ...

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