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Elliott Wave Analysis TradingLounge Daily Chart, 25 August 2023.

Binance Coin/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:

Binance Coin/U.S. Dollar(BNBUSD) Trading Strategy: Binance coin is still in a downtrend. As the price remains below the MA200 and MA50 lines, the price structure is at the end of the downtrend in the Zigzag wave C which has a chance of ending at the 203 level.

.5 and we are looking at a five-wave increment to support this idea. An important resistance level to consider is the level 202.4, if it fails to pass, it can lead to further declines.

Binance Coin/U.S. Dollar(BNBUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, MACD and RSI have bullish divergence.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 25 August 2023. 

Binance Coin/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:

Binance Coin/U.S. Dollar(BNBUSD) Trading Strategy: Binance coin is still in a downtrend. As the price remains below the MA200 and MA50 lines, the price structure is at the end of the downtrend in the Zigzag wave C which has a chance of ending at the 203 level.

.5 and we are looking at a five-wave increment to support this idea. An important resistance level to consider is the level 202.4, if it fails to pass, it can lead to further declines.

Binance Coin/U.S. Dollar(BNBUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, MACD, and RSI have bullish divergence.

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