CAKE is in a Strong Downtrend now.
The price continued to go down. It tried to break 20MA (blue) to the upper side, but bounced. Finally, the sequential order changed 60MA (green) > 20MA (blue) > 5MA (red) > the candle. It means the trend is a Strong Downtrend.
If the price keeps under 5MA (red), this continues. However, since MA lines are very close, the trend can change easily. If the price breaks all MA lines to the upper side, the trend will be an uptrend.
We should wait and see the next trading timing today.
==TODAY’s Check Points==
- The candle goes up and breaks all MA lines to the upper side?
- The candle continues to go down and breaks 13.81USD?
==TODAY’s Target Price==
CAKE goes up:
1st target: Cross-point with MA lines (5MA, 20MA, 60MA)
2nd target: 18.62USD (the last highest price)
3rd target: 21.53USD (the highest price in 3rd/Jun)
CAKE goes down:
1st target: 13.81USD (the lowest price in 30th/May)
2nd target: 10.00USD (a nice round number)
3rd target: 9.45USD (the lowest price in 23rd/May)
Enjoy your trading.
#MUTO’s Trading method: