I think this is a nice setup for an early and more safe entry on CAKE. Price is close to support and price have been declining for a month now. I expect another leg up soon, off course keep in mind three things:
1) as most of the coins mimic BTC, CAKE has shown to mimic BNB so if BNB goes down for some reason so does CAKE;
2) being price close at support you can use a stop loss smaller than -10%, but it can't be an automatic one. Should a daily candle close below the support in that case you could close the trade manually. I suggest using alerts;
3) pancake swap and some other swaps were hacked recently so this have affected and still affects the price.
Indicators don't suggest a break out is happening right away, I think there's still a couple of days before seeing where this is going
1) as most of the coins mimic BTC, CAKE has shown to mimic BNB so if BNB goes down for some reason so does CAKE;
2) being price close at support you can use a stop loss smaller than -10%, but it can't be an automatic one. Should a daily candle close below the support in that case you could close the trade manually. I suggest using alerts;
3) pancake swap and some other swaps were hacked recently so this have affected and still affects the price.
Indicators don't suggest a break out is happening right away, I think there's still a couple of days before seeing where this is going
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watch out, we're approaching the apex of the triangle!
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aaand it broke out as I told you. Currently +13% but it's into a resistance cloud so let's see if it pierce through or retraces creating a new support level outside the triangle.
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+37% now... congrats if you've followed me. You can choose whether setting a stop loss or just exit the trade. I suppose that as BNB goes up so will do CAKE.
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if you decided to leave the trade open you're over 70% since my call. Congrats! CAKE almost back to ATH
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up 81% since my call and still going back to its ATH. Congrats if you followed my call!