As it could be seen cake break out the falling channel and also its completed the pulback to downward trend at the top of yellow line now it needs some consolidataion over the line i expect 18 for nex ath
"Not suggested to buy or sell"
Cake is desperately trying to break this trendline, it needs to break it to go higher, its failed it many times now. Its a bearish pattern of sequential lower highs that is starting to squeeze price.
$9.5 is major support, $8.3 is the last line of defense.
BTC revisiting 28.8k and going lower may very well break CAKE's back and most of the ALTcoin market :(
Looks like CAKEUSDT is at a nice point for a long entry!
Timeframe - h12
I have labeled in red the biggest spikes on the VPVR indicator. The POC is $27.201.
We are currently about 53% away from the POC, and about 108% away from the highest VPVR spike.
Stochastics have room to rise
We are re-entering my EMA band right around the .236 fib level.
Cake is stuck in a consolidation pattern but looks to be in a bull flag
Target (depending on how you read the flag pole) looks to be north of 50. I have my first target at the 2 fib level. Could go all the way up to the 2.618.
I found a fractal that was right before this one that had some similarities with confluence to the same level the flag pole would tag us...
Bull Flags (Shorter Term)
Currently on CAKE:BTC we have a Chart Pattern called a Bull Flag forming. Which I have explained below & in the above chart.
• BEST ENTRY IS often when price fakes out under support or above resistance
• MIN 2 Touches each side
• PRICE MUST MOVE STRAIGHT UP or DOWN BEFOREHAND (or it is not a true flag pattern
• HIGHEST SUCCESS RATE of...
DISCLAIMER: This is NOT financial advice. My content is meant for entertainment and general information purposes only. It's only my opinion and should not be taken as financial, legal or tax advice. I'm not a licensed financial planner or investment advisor. Cryptocurrencies carry a lot of risk and you could lose everything when buying and selling them. I will not...
Next resistance is at 0.07725 and 0.9759. If it can break 2 Resistance # 2, it means it can go to 0.1.
Other scenario, price will bounce at Resistance #1 0.7225 and back to near support.
#CAKEBNB $CAKE broke the resistance area and closed at 0.007120 after going sideways and forming a Double Bottom pattern.
Tried to catch a few falling knives recently with BTC dumps, CAKE is one I caught, whoever got it at $22... THUMBSUP!
The question here is to take profit or continue this potential ride. We have sold a lot with BTC, if we were to go sideways here for a bit, it makes sense for CAKE to hit $30, that will just be the nature of how ALTS react to neutral or bullish...