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Cakecoin

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 Weekly Analysis - Long the Descending Wedge Bull Pattern!?CAKE is in a descending wedge pattern and currently flirting with breaking out. After last week's bull bar closing near its high, we had a slight pullback to the 30EMA and bounced back to the top of the wedge. We have yet to breakout let alone confirm a breakout. Until then, this is what we have for data: Key Points 1. The Descending Wedge Pattern is Bullish 2. We should wait to enter long until the breakout is confirmed 3. We have some support on the 30EMA 4. Bitcoin is a leading indicator for the alt market. Bitcoin needs to confirm a breakout of the Weekly Resistance 5. RSI has room to move up but has more to fall. We should wait for more price action. 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
CAKECake, after a month rising, ended up forming into a flag. He had his premature breakout on the 7th, showing a Bull Trap, a long trap. Demonstrating that bulls were not so hot. The funny thing is that I just realized that we still have a Trench (rectangle or accumulation) call it what you like. The important thing about this is that we have two important factors to consider: 1. Bull trap 2. rectangle If Cake breaks this rectangle it will have a currency devaluation of almost 18% or more, it will all depend on whether it holds straight support or not. Time to get smart with this coin!!
by DuhNT
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