Long

#CAKE, #PancakeSwap Breaking out of Formation?

Updated

A quick look at #PancakeSwap (#CAKEUSDT, #Binance, 4HR):

Whether we see a wedge or a broadening formation, CAKE is broke up from it with a nice spike in volume.
If confirmed, it could be a good entry.
If it fails, price could go back to the $23-$22 level.

If you want to read more about PancakeSwap on CoinMarketCap, click here.

What do you think?

Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)

Thank you and Happy trading!

------------------------------------------------------
Needless to say, this is not financial advice!

Trade active

The 15m chart shows what seems to be a confirmation, with price bouncing at $25.45:

Trade active

TP1 reached! Woo-hoo! Let's see if CAKE flips the $27 level into support and move higher:

Trade closed: stop reached

Stop Loss reached. Price seems to do quite well compared to the market and has recovered a bit. Let's see what happens next.

Note

Good recovery by CAKE, likely supported by the recent upgrade to V2. If you bought back, now you would be enjoying TP2 profits.

Trade closed: target reached

TP3 (eventually) reached. Again, if you did buy back when the price bounced back from the latest dip, CAKE rushed through all previous TPs, reaching our TP3. At this point, I look for a re-entry between $30 and $29.50. A retrace down to $28 is also possible, but CAKE is pushing and the average volume increasing. We'll see. What I have learned is that next time, I might be more generous with my Stop Loss (*always within the amount I am willing to lose*).

BitfulMind

Also on:

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.