BNBUSD Elliott Wave Technical Analysis May 09 2023
4Hour
Binnance /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
Binnance /U.S.dollar(BNBUSD)Trading Strategy: There is still a risk of a correction of wave (2), which corresponds to prices below the MA200 line indicating a downtrend. before rising again Wait for the correction to complete.
Binnance /U.S.dollar(BNBUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum
Daily
Binnance /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
Binnance /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.
Binnance /U.S.dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are Bearish momentum
