Binance BNB (BNB-USD) Price Chart Analysis

BNBUSD Elliott Wave Technical Analysis May 23 2023

4Hour

Binance Coin/U.S.dollar(BNBUSD)
BNBUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 2
Direction Next higher Degrees: wave (1) of Motive
Details: Wave 3 is usually equal to 1.618 multiplied Length of wave 1
Wave Cancel invalid level: 265.0

Binance Coin/U.S.dollar(BNBUSD)Trading Strategy: we assume that wave ((2)) may end at the 301.2 level. Five surges and a break from the 328.5 level will support this idea.But even so, you will have to wait for the price to cross the MA200 line first.

Binance Coin/U.S.dollar(BNBUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are  bullish momentum

Daily

Binance Coin/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:  It is possible that wave ((2)) may have ended at the level of 301.2. five wave rise And breaking the level 328.5 will support this idea.
Wave Cancel invalid level: 220

Binance Coin/U.S.dollar(BNBUSD)Trading Strategy: It is a good sign for Binance coin. Based on the rebound at the MA200, we assume that wave ((2)) may end at the 301.2 level. Five surges and a break from the 328.5 level will support this idea.

Binance Coin/U.S.dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an uptrend MACD and RSI are  Bearish momentum