Market Overview: BELUSDT – 24-Hour Price Action and Momentum Analysis

Summary
• BELUSDT traded in a tight range with a 0.0035 (1.87%) consolidation.
• Strong volume accumulation near 0.1905-0.1915 suggests key support.
• RSI and MACD signal potential for a countertrend bounce.

Bella Protocol/Tether (BELUSDT) opened at 0.1884 (12:00 ET-1) and closed at 0.1888 (12:00 ET), hitting a high of 0.1964 and a low of 0.1861. The 24-hour notional turnover amounted to $28.55 million with a total volume of 158,949,000 BEL.

The price action reveals a consolidation phase following a sharp intraday rebound from 0.1861. A bearish consolidation in the latter half of the session was followed by a bullish reversal into the early hours of November 4. A potential support zone at 0.1905-0.1915 is reinforced by volume and price action, while resistance is likely between 0.1935 and 0.1955. The pattern resembles a potential bearish exhaustion setup, with a possible bounce expected in the near term.

The 20-period and 50-period moving averages on the 15-minute chart are converging, while the daily chart shows a longer-term bearish bias with the 50- and 200-day lines in bearish alignment. The MACD histogram shows a narrowing divergence in the last 3–4 hours, suggesting a potential flattening of bearish momentum. RSI is currently at 52, indicating neutral to slightly oversold conditions, and may trigger a short-term bounce. Bollinger Bands show a moderate contraction in the last 4 hours, signaling potential for a breakout.

Fibonacci retracement levels based on the intraday high (0.1964) and low (0.1861) suggest key levels at 0.1932 (38.2%), 0.1910 (50%), and 0.1888 (61.8%). The current close at 0.1888 aligns with the 61.8% level, suggesting it could either consolidate or rebound. Volume and turnover spiked significantly during the 04:00–06:00 ET window, coinciding with a sharp rally from 0.1936 to 0.1964, but faded in the final hours of the session. This suggests that while there was strong short-term buying interest, the trend may not yet have enough conviction to break higher.

Backtest Hypothesis

To refine entry and exit signals for BELUSDT, a backtest based on candlestick pattern recognition is proposed. The strategy involves identifying Bullish Engulfing and Hammer patterns using daily OHLC data from January 1, 2022, to today. These patterns are strong reversal indicators in a bearish trend and could signal potential short-term buying opportunities.

Once the patterns are identified, two-day (48-hour) holding signals will be created. The performance of this strategy will be evaluated against a baseline, with an emphasis on risk-adjusted returns and win rate. An interactive visualization will be used to plot pattern dates and returns. To proceed, we must confirm the exchange (e.g., Binance) and candle interval (daily), as the initial pattern scan returned an error. Please confirm the exchange and interval so the data can be retrieved accurately.