Hello, dear TradingView members.
This idea is a BEL analysis.
BEL pumped 24%, just like last week.
If you remember, we planned two different scenarios for BEL last time, and scenario number two happened:
Now that the price has gained more strength from the support level, it has pumped back to the resistance levels and crossed one.
The RSI is showing overbought signals, and the price has moved above the upper Bollinger Band. What happens now? Well, this is a weakness. The price has to slow down, whether by a dump or consolidation on the previous resistance level, which might now turn into support.
Scenario one:
A breakout:
The price will slow down, move sideways for consolidations, and after gathering enough buy volumes, it will continue to grow.
Scenario two:
A fake-out:
After consolidations, the local resistance level will reject the price and push it down to lower levels.
The Bollinger Bands are broad, and the price moves above the upper band. That is not a good sign.
The Speedometer indicator shows Buy volumes on the market for BEL on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is a BEL analysis.
BEL pumped 24%, just like last week.
If you remember, we planned two different scenarios for BEL last time, and scenario number two happened:
Now that the price has gained more strength from the support level, it has pumped back to the resistance levels and crossed one.
The RSI is showing overbought signals, and the price has moved above the upper Bollinger Band. What happens now? Well, this is a weakness. The price has to slow down, whether by a dump or consolidation on the previous resistance level, which might now turn into support.
Scenario one:
A breakout:
The price will slow down, move sideways for consolidations, and after gathering enough buy volumes, it will continue to grow.
Scenario two:
A fake-out:
After consolidations, the local resistance level will reject the price and push it down to lower levels.
The Bollinger Bands are broad, and the price moves above the upper band. That is not a good sign.
The Speedometer indicator shows Buy volumes on the market for BEL on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
