BNB/USD Elliott Wave technical analysis [Video]

BNB/USD Elliott Wave technical review

• Market function: Counter Trend.

• Wave type: Corrective.

• Pattern: Triangle.

• Current wave: Wave E.

• Higher degree direction: Wave IV in an Impulse.

• Invalidation level:

Binance/US Dollar (BNBUSD) trading strategy

As per the Elliott Wave framework, BNB is in Wave IV and is preparing to develop Wave V, anticipated as the next strong upward movement. The Post-Triangle Thrust projection estimates a potential price target of $1,306.24, calculated based on the triangle’s height. A confirmed uptrend will be more reliable once the price breaks above the bullish key level of $734.99.

Trading strategies

• Approach

  • Method

    • For swing raders (Short-term)

      • A strong breakout above the $734.99 resistance, accompanied by high volume, could mark the beginning of Wave V.

  • Risk control

    • Invalidation level: $490.00 (Falling below this invalidates the current wave scenario)

BNBUSD Elliott Wave technical review

• Market function: Counter Trend

• Wave type: Corrective

• Pattern: Triangle

• Current wave: Wave E

• Higher degree direction: Wave IV in an Impulse

• Invalidation level:

Binance/US Dollar (BNBUSD) trading strategy:

BNB remains within Wave IV and has already completed sub-wave 1. Currently, the price is in a corrective phase identified as Wave 2, which aligns with a major support zone at the Fibonacci levels of 0.5 to 0.618, specifically between $572.87 and $557.36. A rebound from this area may signal the emergence of Wave 3, aiming for resistance around $705.

Trading strategies

• Approach

• • Method

    • For Swing Traders (Short-Term)

      • A price breakout above $734.99, confirmed by strong volume, could initiate Wave V.

  • Risk Control

  • • Invalidation Level: $490.00 (Wave structure invalidated if price drops below this)

Analyst: Kittiampon Somboonsod, CEWA.

BNB/USD Elliott Wave technical review [Video]

 

---