Shotokhan

Descending channel for CAKE

Long
BINANCE:CAKEBUSD   CAKE / BUSD
This is a very clear descending channel , VLPR shows a lot of buys are happening at current price so this should ease a possible breakout, the problem is that it can be difficult to reach enough volume to do it. But usually before breakouts volume is lower, this fact united with the BB squeezing at 4h makes me thinks the breakout is close.

I'd enter 50% now and 50% after the breakout or at the bottom of the channel in case this does another leg down. Fib retracement shows current retracement hit 0.618 area which is a good zone for a reversal.

Use stop loss and good luck!