CAKE Ready for a Breakout? Cup & Handle Pattern in Play!
Analysis: #CAKE is in a strong uptrend and is currently forming a cup and handle pattern on the 30-minute timeframe. This is a classic bullish continuation pattern, signaling a potential breakout.
Key Observations:
🔹 Higher Highs (HH) & Higher Lows (HL) indicate a healthy uptrend.
🔹 Bearish divergence spotted—indicating a possible retracement.
🔹 If support breaks, we may see a trend reversal.
🔹 If the handle completes and #CAKE breaks out, it could be an ideal buying opportunity.
Strategy:
🔹 Wait for breakout confirmation above the cup resistance.
🔹 Entry: On breakout with volume.
🔹 Stop Loss: Below recent HL.
🔹 Target: Measure the depth of the cup for a price target.
Final Thoughts:
This setup has high potential, but always use proper risk management.
What’s your take on #CAKE? Will it break out or break down? Comment below!
Key Observations:
🔹 Higher Highs (HH) & Higher Lows (HL) indicate a healthy uptrend.
🔹 Bearish divergence spotted—indicating a possible retracement.
🔹 If support breaks, we may see a trend reversal.
🔹 If the handle completes and #CAKE breaks out, it could be an ideal buying opportunity.
Strategy:
🔹 Wait for breakout confirmation above the cup resistance.
🔹 Entry: On breakout with volume.
🔹 Stop Loss: Below recent HL.
🔹 Target: Measure the depth of the cup for a price target.
Final Thoughts:
This setup has high potential, but always use proper risk management.
What’s your take on #CAKE? Will it break out or break down? Comment below!
Trade active
Trade is active. Now wait for the uptrend. Note
#Cake is moving uptrend. Enjoy the trade. Note
1st TP Hit, u can close ur trade OR wait for 2nd TP. #Cake have more potential to move in uptrend. Trade closed: target reached
All TP Hits. 
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.