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Cakelongsetup

CAKE → Bounce to the Moon! Take Advantage of This Opportunity!PancakeSwap is bullish in more ways than one! The price is playing out a beautiful two-legged pullback after a strong bull run; an indicator that the bulls are in control and more upside is probable. How do we trade this? With a two-legged pullback after a bull run and the RSI above the Moving Average with room to spare on the upside, we have to remain bullish. We're missing one critical piece of the puzzle to enter a long trade; the bull signal and confirmation bars. The bull signal bar will have a long tail and a close on or near its high, followed by a strong bull candle closing on or near its high. The confirmation candle should close above the resistance line and re-test it as support. That would be the ideal long setup as depicted in my analysis. This is a conservative long, taking profits just prior to the double top high. You could close half of your position and take profits at a 1:1 Risk/Reward and swing the remainder to a 1:3 Risk/Reward or until you see a sell signal. Trade depending on your strategy! Be aware, we could also fail to break resistance and end up with a strong bear signal, completely changing our trading bias. Always be ready to change your bias and learn to recognize those signals. Trade Idea Long Entry : $2.26 Stop Loss: $2.02 Take Profit: $2.74 Risk/Reward Ratio: 1:2 Key Takeaways 1. Bull Trend Consolidating, Bias to Long. 2. Double Top followed by Two-Legged Pullback, Bullish. 3. Watch for Support at 200EMA. 4. Do not Long until Bull Signal Bar and Confirmation Above Resistance. 5. RSI at 53.00, above Moving Average. Supports Long. You are solely responsible for your trades, trade at your own risk! If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
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