Elliott Wave Analysis TradingLounge Daily Chart,
Binance/ U.S. Dollar (BNBUSD)

BNBUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Triangle
• Position: Wave E
• Direction Next Higher Degrees: Wave IV of Impulse
• Wave Cancel Invalid Level:

Binance/ U.S. Dollar (BNBUSD) Trading Strategy:

Following the completion of the main bullish wave III, the price is currently forming a wave IV structure, which appears to be a Contracting Triangle. The 0.618 Fibonacci Retracement level at 552.67 USDT is a critical area where wave E is expected to conclude, acting as a major reversal point.

Trading Strategies

• Strategy:

  • Long Strategy:
    • Enter a buy position at 552 USDT upon observing a reversal signal.
    • Breakout Entry: Buy if the price breaks above 730.90 USDT with increased volume.

• Risk Management:

  • Invalidation Point: Cut losses if the price drops below 503.51 USDT.

Elliott Wave Analysis TradingLounge H4 Chart,
Binance/ U.S. Dollar (BNBUSD)

BNBUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Triangle
• Position: Wave E
• Direction Next Higher Degrees: Wave IV of Impulse
• Wave Cancel Invalid Level:

Binance/ U.S. Dollar (BNBUSD) Trading Strategy:

Following the completion of the main bullish wave III, the price is currently forming a wave IV structure, which appears to be a Contracting Triangle. The 0.618 Fibonacci Retracement level at 552.67 USDT is a critical area where wave E is expected to conclude, acting as a major reversal point.

Trading Strategies

• Strategy:

  • Long Strategy:
    • Enter a buy position at 552 USDT upon observing a reversal signal.
    • Breakout Entry: Buy if the price breaks above 730.90 USDT with increased volume.

• Risk Management:

  • Invalidation Point: Cut losses if the price drops below 503.51 USDT.

• 

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

More By This Author:

Elliott Wave Technical Analysis: ASX Limited - Tuesday, Feb. 18
Elliott Wave Technical Analysis: Netflix Inc. - Tuesday, Feb. 18
Elliott Wave Technical Analysis: Euro/British Pound - Tuesday, Feb. 18