Binance Elliott Wave technical analysis [Video]
|Elliott Wave Analysis TradingLounge daily chart.
BNB/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Triangle.
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Position: Wave E.
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Direction next higher degrees: Wave IV of Impulse.
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Wave cancel invalid level:
BNB/USD 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
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Strategy:
- Long strategy:
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Enter a buy position at 552 USDT upon observing a reversal signal.
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Breakout Entry: Buy if the price breaks above 730.90 USDT with increased volume.
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- Long strategy:
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Risk management:
- Invalidation Point: Cut losses if the price drops below 503.51 USDT.
Elliott Wave analysis TradingLounge four-hour chart.
BNB/USD 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:
BNB/USD 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.
Binance Elliott Wave technical analysis [Video]
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