CAKEUSDT POTENTIAL BULLISH REVERSAL TO REACH 33$ - 35$
Hello Traders,
- Checking the 1D time frame we can see clearly the breakout from the descending channel happened around Nov 5 after a big pullback ( temporary price reversal ) started from end of August suggesting that sellers are taking control making lower highs but it seems that sellers has lost their momentum , price is consolidating between 17$ - 20$ levels.
- Buyers are accumulating on 17$ - 18$ support zone , in order to have continuation for our uptrend bulls should push the price higher from there ( check Fib levels ) by taking over the last swing on 20.5$ , if buyers failed to take control price could fall towards 16$ support zone, then sellers will take control from there.
- We need to see confirmation above 20.5$ making sure that bulls have steam to push higher , our daily candle should close above 20.5$ in order to confirm the reversal.
-Until now CAKE is trading in bearish mode, waiting to break our last swing or else price action could keep on consolidating or going downwards even more.
in my opinion entry positions :
16$ support zone
18$ support zone
20$ support zone
Thank you, Good luck!
- Checking the 1D time frame we can see clearly the breakout from the descending channel happened around Nov 5 after a big pullback ( temporary price reversal ) started from end of August suggesting that sellers are taking control making lower highs but it seems that sellers has lost their momentum , price is consolidating between 17$ - 20$ levels.
- Buyers are accumulating on 17$ - 18$ support zone , in order to have continuation for our uptrend bulls should push the price higher from there ( check Fib levels ) by taking over the last swing on 20.5$ , if buyers failed to take control price could fall towards 16$ support zone, then sellers will take control from there.
- We need to see confirmation above 20.5$ making sure that bulls have steam to push higher , our daily candle should close above 20.5$ in order to confirm the reversal.
-Until now CAKE is trading in bearish mode, waiting to break our last swing or else price action could keep on consolidating or going downwards even more.
in my opinion entry positions :
16$ support zone
18$ support zone
20$ support zone
Thank you, Good luck!