Binance Coin/U.S. dollar(BNBUSD) Elliott Wave Technical Analysis 23 August 23

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Elliott Wave Analysis TradingLounge Daily Chart, 23 August 23, 
Binance Coin/U.S. dollar(BNBUSD)
BNBUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave (5)
Direction Next higher Degrees: wave ((C)) of Zigzag
Wave Cancel invalid level:

Binance Coin/U.S. dollar(BNBUSD)Trading Strategy: Binance coin is still in a downtrend. As the price remains below the MA200 and MA50 lines, the price structure is at the end of the downtrend in the Zigzag wave C which has a chance of ending at the 203 level.
.5 and we are looking at a five-wave increment to support this idea. An important resistance level to consider is the level 202.4, if it fails to pass, it can lead to further declines.

Binance Coin/U.S. dollar(BNBUSD)Technical Indicators: The price is below  the MA200 indicating a Downtrend, MACD and RSI have Bullish divergence.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA





Elliott Wave Analysis TradingLounge 4H Chart, 23  August 23,  
Binance Coin/U.S. dollar(BNBUSD)
BNBUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave (5)
Direction Next higher Degrees: wave ((C)) of Zigzag
Wave Cancel invalid level: 

Binance Coin/U.S. dollar(BNBUSD)Trading Strategy: Binance coin is still in a downtrend. As the price remains below the MA200 and MA50 lines, the price structure is at the end of the downtrend in the Zigzag wave C which has a chance of ending at the 203 level.
.5 and we are looking at a five-wave increment to support this idea. An important resistance level to consider is the level 202.4, if it fails to pass, it can lead to further declines.

Binance Coin/U.S. dollar(BNBUSD)Technical Indicators: The price is below  the MA200 indicating a Downtrend, MACD and RSI have Bullish divergence.