Binance/U.S.dollar(BNBUSD) Elliott Wave Technical Analysis 27 April 23

[tradinglounge]

Elliott Wave Analysis TradingLounge Daily Chart, 27 April 23,  
Binance/U.S.dollar(BNBUSD)
BNBUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave III
Direction Next higher Degrees: wave (I) of Motive
Details: Wave 3 is equal to 1.618 multiplied  Length of wave 1  at 568.8
Wave Cancel invalid level: 220

Binance/U.S.dollar(BNBUSD) Trading Strategy: The second wave retracement tends to be .618 of the first wavelength. Therefore, there is important support around 270, waiting for the correction to complete to consolidate the trend.


Binance/U.S.dollar(BNBUSD) Technical Indicators: The price is above the MA200 indicating an UpTrend The wave oscillators above Zero-Line momentum are bullish.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA








Elliott Wave Analysis TradingLounge 4H Chart, 27 April 23,  
Binance/U.S.dollar(BNBUSD)
BNBUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Combined
Position: Wave Y
Direction Next higher Degrees: wave (2) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 265.0

Binance/U.S.dollar(BNBUSD) Trading Strategy: The second wave retracement tends to be .618 of the first wavelength. Therefore, there is important support around 270, waiting for the correction to complete to consolidate the trend.

Binance/U.S.dollar(BNBUSD) Technical Indicators: The price is above the MA200 indicating an UpTrend The wave oscillators above Zero-Line momentum are bullish.

[Samui22]

Great analysis, Kittiampon! Your Elliott Wave Technical Analysis of Binance/U.S. dollar (BNBUSD) is quite informative and helpful for traders looking to follow the trend and develop a trading strategy for  Canadian crypto gambling guide  info for real Canucks  I appreciate your attention to detail in identifying the structure as an impulse and the position as wave III, as well as noting the wave 3 length in relation to wave 1. Your trading strategy of waiting for the correction to complete and consolidate the trend is a smart approach that many traders can benefit from. It's also helpful to see that the technical indicators, such as the price being above the MA200 and the wave oscillators being bullish, are aligning with your analysis. Overall, your contribution to the TradingLounge community is greatly appreciated. Keep up the good work!

Edited May 5, 2023 by Samui22