BEL Technical Analysis: Retest Phase Teases $1 Breakout

Key technical points:

Past Performance of BEL

The bullish failure to sustain above the 100-day EMA and the $11.18 support level led to an 80% dip in market value resulting in the fallout of $1 and taking took support at the $0.20 mark. However, the downtrend took marked April blood red and showcased a diagonal rise in almost the entire May, but the buyers took the trend control at month-end, resulting in a reversal. The bullish reversal broke above $1 with a 250% price jump within three days, but the resistance at 200-day EMA influenced the retest of $0.72.

Source- Tradingview

BEL Technical Analysis

BEL/USD price chart shows a post-retest rally starting from the $0.72 mark resulting in a bullish engulfing candlestick of 27% at press time. Moreover,  a surge in buying pressure is evidently apparent by the growth in intraday trading volume, increasing the likelihood of an uptrend reaching $1. The RSI slope shows a sharp reversal after the dip into the nearly overbought zone and rises higher to reclaim the overbought title. Moreover, the 14-day SMA lines cross above the halfway line displaying a solid underlying bullishness.

The MACD indicator shows a bullish spark in the fast and slow lines as they attempt to sustain the rally above the zero line. Furthermore, the intensity of bullish histograms resurges after the post-retest reversal reflecting the recharged bullish powers. In a nutshell, BEL technical analysis displays a high possibility of a post-retest rally crossing $1.

Upcoming Trend

The $1 breakout will unleash the trapped bullish momentum and mark a breakout entry spot in the BEL price chart. The buyers can expect the breakout rally to reach the next resistance level at $1.18. On the other hand, a reversal from the 200-day EMA would reverse the bullish rally to $0.72.

Resistance Levels: $1 and $1.18

Support Levels: $0.72 and $0.50