#CAKEUSDT – Bearish Scenario, Expecting a Breakdown📉 SHORT BYBIT:CAKEUSDT.P from $2.030
🛡 Stop Loss: $2.058
⏱ 1H Timeframe
⚡ Trade Plan:
✅ The BYBIT:CAKEUSDT.P price previously formed a Falling Wedge pattern and three bottoms (Bottom 1, Bottom 2, Bottom 3), followed by a bounce.
✅ However, the asset is trading below POC (Point of Control) at $2.504, which acts as strong resistance. If the price fails to hold above the current levels, a downward continuation is likely.
🎯 TP Targets:
💎 TP 1: $2.008
🔥 TP 2: $1.986
⚡ TP 3: $1.970
📢 A close below $2.030 would confirm further downside movement.
📢 POC at $2.504 is a key volume area acting as resistance.
📢 Increasing volume on the decline signals strong seller activity.
📢 Taking partial profits at TP1 ($2.008) is a smart risk-management strategy.
🚨 BYBIT:CAKEUSDT.P remains under selling pressure – monitoring for confirmation and securing profits at TP levels!
