Binance Elliott Wave technical analysis [Video]

Elliott Wave Analysis TradingLounge daily 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.

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]