The CAKE/USDT pair continues to move in a short-term downtrend. Now the bull flag pattern has reached the previous horizontal resistance (and our target from the initial call when the price was $22), which turned into support. From here I expect a reversal with the next target marked on our chart.
The daily chart is in line with the consolidation pattern as well.
So in brief, I think if the price stabilized around this area we will see an uptrend continuation and reach the $45 target, then make a pullback to $40, which will be turned into support. The more pessimistic scenario will be to break below the support and touch the lower boundary of the bull flag, very similar to what we had on April 18.
Given that the resistance of 35.68 is broken downwards, isn't it better to increase the buying time to 33.5?
FutureBlockchain
⋅
@hosseinb1984, Yes, as mentioned in the idea, I think that the support zone marked in blue can be broken and we can visit the lower end of the flag. Very similar to what happened back on April 18
hosseinb1984
⋅
@FutureBlockchain Do you think there is a staircase with a price of 32.8 now?