BAKE has been baking up a storm of volatility lately, with a nearly 50% price drop over the past few weeks. New lows have been established, leaving many traders wondering if the bottom is in. However, a closer look at the 4-hour chart reveals a potential long opportunity brewing.
Key Points:
Range-Bound: BAKEUSDT has been consolidating within a well-defined range on the 4-hour timeframe. This indicates a potential equilibrium between buyers and sellers.
Breakout Potential: A decisive break and close above the upper boundary of this range could signal a shift in momentum and trigger a move towards the next resistance zone.
Retest Opportunity: The next resistance zone would likely act as a retest area for the breakout. If BAKEUSDT holds above this zone, it could pave the way for further upside continuation.
Risk Management: As with any trade, proper risk management is crucial. Set stop-loss orders below the recent swing low to protect your capital in case the breakout fails.
Trade Idea:
Entry: Consider entering a long position on a confirmed break and close above the lower boundary of the current range.
Stop Loss: Place a stop-loss order below the recent swing low.
Take Profit: Target the next resistance zone for a potential retest. If the retest holds, consider raising your take-profit targets to higher levels.
Let me know if you'd like a more detailed analysis or have any questions.
#BAKEUSDT #BakeryToken #Crypto #TradingView #TechnicalAnalysis
Key Points:
Range-Bound: BAKEUSDT has been consolidating within a well-defined range on the 4-hour timeframe. This indicates a potential equilibrium between buyers and sellers.
Breakout Potential: A decisive break and close above the upper boundary of this range could signal a shift in momentum and trigger a move towards the next resistance zone.
Retest Opportunity: The next resistance zone would likely act as a retest area for the breakout. If BAKEUSDT holds above this zone, it could pave the way for further upside continuation.
Risk Management: As with any trade, proper risk management is crucial. Set stop-loss orders below the recent swing low to protect your capital in case the breakout fails.
Trade Idea:
Entry: Consider entering a long position on a confirmed break and close above the lower boundary of the current range.
Stop Loss: Place a stop-loss order below the recent swing low.
Take Profit: Target the next resistance zone for a potential retest. If the retest holds, consider raising your take-profit targets to higher levels.
Let me know if you'd like a more detailed analysis or have any questions.
#BAKEUSDT #BakeryToken #Crypto #TradingView #TechnicalAnalysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.