Elliott Wave Analysis TradingLounge daily chart.
Binance/ U.S. dollar(BNBUSD)
BNB/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction next higher degrees: Wave (2).
Details: Wave (2) is likely to end and the price is re-entering the uptrend.
Binance/ U.S. dollar (BNBUSD) trading strategy: The correction in wave ((2)) seems to be over so we focus on the five-wave rally of wave 3 and the price is likely to test the 913 level. The price action remains in an uptrend, looking for a re-entry into the trend.
Binance/ U.S. dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.
BNB/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction next higher degrees: Wave 2.
Details: The decline of wave Y is likely to end and the price is re-entering the uptrend.
Binance/ U.S. dollar (BNBUSD) trading strategy: The correction in wave ((2)) seems to be over so we focus on the five-wave rally of wave 3 and the price is likely to test the 913 level. The price action remains in an uptrend, and we are looking for a re-entry into the trend.
Binance/ U.S. dollar (BNBUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.
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.
Recommended Content
Editors’ Picks
Aptos and EIGEN lead $200 million token unlocks next week amid massive failure in low float, high FDV launches
The crypto market will witness token unlocks worth $200 million next week. APT and EIGEN will see the highest unlock volume, adding $93 million and $34 million worth of new supply to circulation. There is a massive failure among tokens that conducted airdrops with low float, high FDV.
Bitcoin, S&P 500 and USD sees simultaneous uptick amid declining unemployment rate
Bitcoin trades around the $62,200 level on Saturday following a reduction in the US unemployment rate. In addition to BTC, the S&P 500 and the US Dollar Index also posted gains. This marks a new market trend amid investors' heightened risk appetite.
Ethereum sees revenue uptick in September amid rising inflation rate
Ethereum revenue in September was about 4x larger than Solana's after the Fed rate cut. Ethereum annual inflation rate has risen to a two-year high of 0.74%. Ethereum has reclaimed the $2,395 support level and could rally to $2,595 if it crosses above the 100-day SMA.
Token unlock pushes XRP lower as holders come to grips with SEC appeal
Ripple climbs 2% on Friday. XRP is influenced by several market movers: the US SEC’s decision to appeal the final ruling in the Ripple lawsuit, Ripple’s $1 billion token unlock on October 1 and other token unlocks this month.
Bitcoin: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.