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CAKE → Three Pushes Up! Will We Reverse to $2.84? Let's Answer.CAKE (Pancakeswap) completed its third push to the upside and rendered four Daily candles in a row with large wicks on the top. Today's close marks the fifth. Does that mean we're in for a drop? How do we trade this? 🤔 I believe a pullback here is imminent. That doesn't mean a short is justified, we are in a bull trend and our bias should remain long. However, the short-term signals like the three legs, 5 wicks on top, and a high RSI all indicate a pullback is here. It's reasonable to short this on a lower timeframe like the 1HR but on the Daily, we should be looking for a long. Wait for the price to come back down to the $2.84 area and find support. We need to see a strong buy signal and confirmation bar to justify an entry. I caveat this proposal with the state of the crypto market as a whole, it's a pivotal moment that could spell a reversal which will likely drag CAKE down with it. In summary, zoom into the 1HR timeframe to find a short, wait for a long entry opportunity at $2.84 per my description above. 💡 Trade Idea 💡 Long Entry: $2.937 🟥 Stop Loss: $2.64 ✅ Take Profit: $3.53 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Bull Channel with three pushes up, large wicks on third push. 2. Gap to Daily 30EMA. 3. Don't enter a trade here, need more price action. 4. RSI at 75.00 and above Moving Average. Supports Pullback. 5. Crypto Market at Pivotal Moment, Consider Reversal Possibility. 💰 Trading Tip 💰 You can trade any candle on the chart, the question is what trades are more worth your while and fit with your personality traits. First, understand how to analyze a chart, then understand yourself and how you best interact with your analysis such that you make money. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
BINANCE:CAKEUSDLong
by TraderEngineering
CAKE Gearing Up for a Bull Run!? This Analysis Shows the Way!CAKE is crawling sideways in between a bull channel and above the Weekly Resistance. The price hasn't been able to break above the 30EMA nor has it broken below the Weekly Support. How do we trade this? The overarching trend is bullish, so we should set our bias to long. The price is establishing support at the previous Weekly Resistance, so it's reasonable to look for a long entry at that level. Given that the price is failing to break above the 30EMA, we should wait for the price to pull back to the Weekly support line and then look for a long entry. A protective stop should be below the Previous Weekly Resistance line and at least a partial take profit at the previous highs around $2.80. Key Points 1. Bull Channel, Long Bias. 2. Multiple Tests of Previous Weekly Resistance, Showing Support. 3. Failing to break above 30EMA, Fall to Channel Support. 4. Bull signal at Channel Support, Long Setup. 5. RSI at 50.00 above Moving Average, Weak Indicator. You are solely responsible for your trades, trade at your own risk! Let us know what you think in the comment section below!
BINANCE:CAKEUSDLong
by TraderEngineering
CAKE/USDT BULLISHCAKE has been in a downtrend since ATH, the bottom could be in. The price is also at an all-time low currently. Boilinger Bands indicator show a breakout at 7,50ish. If price movement could break through 9,00 resistance, we will see an uptrend. Combination of breakout on Boilinger Bands and resistance level could be huge. Fundamentals: Pancakeswap (CAKE) is the market leader for BSC DEX´s. Pancakeswap holds the most number of coins, pairs, visits and also has the highest market share on BSC (Binance Smart Chain). Entry: 7 - 10 USD Target: 40 USD (300 - 400% gain) Not financial advice.
Long
by vf_investment
My idea for CAKE/USDT for the weekendI'm just a beginner chartist but I cannot ignore this double bottom pattern potentially forming. If the red dynamic resistance line is broken with some volume (and retested) then a break above the purple neckline may be in the books, followed by a break above the last support turned resistance. If then that level is retested and it holds then we are looking forward to a move higher up. Please watch all the key levels that I circled on the chart. If you go long use proper stop losses and you may also want to take small profits on the way up at the key levels. Remember, the bull trend has not yet been confirmed on the 4-hourly chart, we are still officially in a bear trend on the short term. We may as well see further downward movement regardless of my observations.
by LaiChee81
2
My idea for CAKE/USDT in the coming days/weeksI can see a bullish flag on the CAKE/USDT daily chart: prallel descending channel after a long price explision. No RSI or MACD divergence (higher highs on price and the latter 2 indicators alike) -> I expect no trend reversal, I am still bullish. Strong confluence: min/max price Fibonacci 0.618-level retracement aligns with default daily Keltner Channel bottom. Also a past resistance ($29.333) is almost touching these levels. Past resistance may act as support for this falling price. Checking the 4-hour chart a bounce upwards may be imminent. If it breaks the upper channel level, it may go up to ~$54. If I stick to the daily chart, I assume the price would go up to the channel top, bounce back to around ~$30-$31 then race up to break the upper channel level all the way to $53. Also the Fib-retracement level 1.272 level is ~$54. We will see how this works out.
Long
by LaiChee81
Time for more CAKECAKE has been taking a breather the last week, but could be ready to start moving again. It has multiple bullish signs. Still within this ascending channel since March. Bounced off the lower trend line, forming a bull flag and a hammer candlestick. If it stays within the channel we can be hitting $65-110 in the next of couple weeks, while a break above could catapult us to $152 and beyond. A break below the channel would be bad and we'd likely go to $28 dollars once again. Let me know what you think. BINANCE:CAKEBUSD
C
by variousCryptos
CAKE IS BULLISH UNLIKE THE MARKETGreeting from IRAN to whole trading community ✔💙 CAKE is moving through an ascending channel since 21st March CAKE could maintain in it's ascending channel unlike most of the market that lost their bullish momentum after that massive sell-off has occurred in market CAKE is above its major support 26$ As long as it can stay above 26$ , we expect from CAKE to rest then attack to its ATH and rise above 30$ KEEP IT SIMPLE :)
Long
by nima-mohammadkhani
12
Cake looks Bullish !!Cake/usdt Had an amazing run a few days ago over 70% pump which was tremendous .1 personally can see cake at 30$ before may,Futher a Cup and handle confirming it gives us more confidence in it . We could also Presume it as a Bull flag. And the target would still be Astronomical.i would like to see the breakout of the neckline In the next few days.further btc dominance falling into new lows adds to the hype. Fundamentally speaking Cake has a circulating supple of 150M Price 18$ Uniswap 500M price about 30$ Also with ethereum Scaling solution Layer 2 being postponed for July could give room for dexes like pancake swap room to grow. I hope you all good trades Do your own research none of this is financial advice Cheers!
by ChartGains
2