Major Key Points to Consider
- Primary Scenario (Bullish) : Consider Buy positions from corrections Above the level of 800 with a target of 1200– 1350. A Buy signal: the price holds below 800. Stop Loss: below 800, Take Profit: 1200 – 1350.
- Alternative Scenario (Bearish): Breakout and consolidation above the level of 900 will allow the pair to continue decline to the levels of 850– 800. A Sell signal: the level of 900 is broken to the upside. Stop Loss: above 900, Take Profit: 850– 800.
Technical Indicators
Trend: Short-term consolidation within a long-term uptrend
Support Levels: 850 – 880
Resistance Levels: 960 – 980
Momentum: Neutral to bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : A Rising Larger Wave 3 of Degree 5 is Completed on the weekly chart of BNB/USD. After This wave 3 the Price is moving in Wave 4 of Same Degree.
On A Daily Chart : A Downward Wave 4 of Degree 5 is developing on the daily chart of BNBUSD. Within this Wave 4, The Wave A & Wave B has been completed and the price is moving in wave C. This wave C might be completed at this moment or may continue to decline till 50% Fibonacci level marked. Traders must wait and watch the price movements at this critical point. We have assumed the wave C has been finished in the Daily chart and as well the the Wave $ of Larger Degree.
On A 4-Hours Chart : The Final C leg of Wave 4 correction is seems in process and about to end. If the this Wave C has been completed then price will rise to beyond the smaller wave 4 marked upward otherwise downtrend will continue till end of Correction for wave 4.
If this Presumption is correct then BNB/USD may continue to Rise to the Price levels of 1200– 1350.
BNB/USD : Current Rate in the Market
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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