Hello, dear TradingView members. This idea is a BEL analysis.
Today BELUSDT made a 26% pump. Before we FOMO and buy or sell, let's see what possible scenarios.
RSI is also above 83, which shows overbought signals. Usually, when this happens, the price pulls back down.
Scenario one: A breakout (Not likely to happen): If that bullish candle closes above this area, it can later perform a pullback and make it a breakout confirmation.
Scenario two: A fake-out: The price might go even higher but then lose strength after hitting one or two resistance levels and fall back to the previous support area.
The Bollinger Bands are opening and making a wide channel, and the price is pushing higher than the upper band. Now, this mostly shows overbought signals, which aren't healthy. This might cause weakness in future hours.
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.