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:
-
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]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
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