CAKE/USDT | Rising Wedge ⇒ Supply-Zone Short
Building on Prior Success
Following my May 1 CAKE/USDT forecast—view it here:
—which itself was rooted in the April 6 trend-rebound call that delivered a 38% gain:
📈 Market Structure
Pattern: Well-defined rising wedge since early April (blue trend-lines)
Bearish Impulse: Wedges often break down as buying exhausts into the apex
📌 Supply Order Block
Zone: 2.246 – 2.300 USDT (blue shaded area)
Upper Resistance: 2.387 USDT (Red line) marks April’s supply peak
⚔️ Entry Levels
Aggressive: Short on a clear rejection from 2.246 USDT (lower edge of block)
Conservative: Wait for a failed break or bearish candle near 2.300 USDT (block/wedge confluence)
🛑 Stop Loss
Invalidation: A close above 2.40 – USDT high-timeframe supply
Rationale: Allows for a false spike while protecting capital
🎯 Profit Targets
TP1 2.110
TP2 1.946
TP3 1.752
🔧 Trade Management
- Scale out partial positions at each TP to lock in gains
- Move stop to breakeven once TP1 is reached
- Reassess if price sustains above 2.40 USDT
⚠️ Rising wedges can whip both ways—always size positions properly and respect your stop.
Building on Prior Success
Following my May 1 CAKE/USDT forecast—view it here:
—which itself was rooted in the April 6 trend-rebound call that delivered a 38% gain:
📈 Market Structure
Pattern: Well-defined rising wedge since early April (blue trend-lines)
Bearish Impulse: Wedges often break down as buying exhausts into the apex
📌 Supply Order Block
Zone: 2.246 – 2.300 USDT (blue shaded area)
Upper Resistance: 2.387 USDT (Red line) marks April’s supply peak
⚔️ Entry Levels
Aggressive: Short on a clear rejection from 2.246 USDT (lower edge of block)
Conservative: Wait for a failed break or bearish candle near 2.300 USDT (block/wedge confluence)
🛑 Stop Loss
Invalidation: A close above 2.40 – USDT high-timeframe supply
Rationale: Allows for a false spike while protecting capital
🎯 Profit Targets
TP1 2.110
TP2 1.946
TP3 1.752
🔧 Trade Management
- Scale out partial positions at each TP to lock in gains
- Move stop to breakeven once TP1 is reached
- Reassess if price sustains above 2.40 USDT
⚠️ Rising wedges can whip both ways—always size positions properly and respect your stop.
Telegram: t.me/Crypto_Sheykh
Related publications
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.
Telegram: t.me/Crypto_Sheykh
Related publications
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.