BELUSDT → Triangle breakout and retest of trend resistance

25 mai 2023

BELUSDT shows chic bullish dynamics on the background of red falling bitcoin. BEL is currently one of the few coins that feels good enough for the medium term.

In the background of the bearish wedge, the price makes numerous retests to the trend resistance and at the same time the cryptocurrency pair begins to form a consolidation, which takes the shape of the pattern "Triangle".
We observe a triangle breakout and another retest of wedge resistance. If the price manages to break the boundary, BEL / Tether will show great growth of 60% and 120% respectively!
The moving averages act as support, the price is in the risk zone between the two key boundaries. Triangle pattern realization is forming.

Strong support: earlier broken resistance of the pattern; support 0.6580
Strong resistance: downward wedge resistance, 0.8284
I expect that the bulls will be able to consolidate above the triangle and finally break the wedge resistance with the subsequent growth to 1.2790 and to 1.7676

Regards R. Linda!