CAKE reacted positively to the supportCAKE reacted positively to the support of the range of $3.56 to $3.63 and continued to move upwards again. In the daily timeframe, a higher ceiling has been recorded than the ceiling of the previous downward wave, indicating the medium-term conditions are bullish. Therefore, there is still a possibility of retesting the resistance and breaking the resistance in pullbacks.
Of course, the negative reaction to the candle yesterday can indicate that the price trend this week and in the 4-hour time frame can turn into a range mode. So the previous floor at the $3.56 -$3.63 support limit can be retested, forming a large range zone. Also, after the top of the main descending channel is broken, we expect a pullback to the top of the broken channel. The main resistance of CAKE is also considered in the range of $5.20, which can be associated with a strong negative reaction.
CAKEUSDT trade ideas
CAKEUSDT...are you ready from some baking lessons?BINANCE:CAKEUSDT
so here we go...we have a lot of opportunities today, but this one i think will make you a ZILLIONAIRE (i hope not).
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#STOP_BEING_POOR
#CAKE/USDT [ PancakeSwap ]: Resistance Breakout + Confirmation🔸 We've detected a Resistance Breakout and Confirmation on the CAKE/USDT chart. The price has broken above a key resistance level and has been confirmed by a strong candle, indicating a potential bullish trend. We may consider buying at the current price zone and targetting higher level.
• 📊 Technicals:
• ⎿ 24h P. change: 🔺 4.825%
• ⎿ 24h Volume: 10,143,528.451 USDT
CAKE: Falling Wedge BreakoutPancakeSwap (CAKE) technical analysis:
Trade setup : Bullish breakout from a Falling Wedge pattern, which could signal a trend reversal and upside potential to $4.00 resistance and 200-day moving average.
Patterns : Falling Wedge It usually forms after a downtrend and suggests a potential bullish reversal in the original downtrend. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend : Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance : Nearest Support Zone is $3.00. The nearest Resistance Zone is $4.00.
Pancakeswap (CAKE/USDT) Close to Reclaim Levels Above $4Pancakeswap has been one of the popular crypto asset in the market. CAKE price has displayed acute strength ever since it formed its lows by the mid-June 2022. It was on its path to reclaim the lost levels, but the recent FTX-fiasco flipped the entire market flipped and fell into a deep bearish trap, from which the CAKE price is unable to make a comeback. However, the price is trying hard to set up a bullish outlook and hence is able to sustain above $3 despite extreme bearish pressure.
The price rebounded finely from the 0.236 FIB levels around $3.2 and consolidating finely just above these levels but constantly failing to surpass the levels at $3.5, hence has become a pivotal zone to clear. Once these are cleared the next leg up may uplift the price beyond 0.382 FIB levels close to $3.7, beyond which the possibility of reaching $4 may emerge before the end of the yearly close.
Besides, the volume has dropped miserably which may hinder the progress of the rally by lowering the pace. Therefore, CAKE price could have a bearish close provided bulls remain off-the-shore until the start of the fresh yearly trade.
CAKEUSDT pullback before bearish impulse?the price had a breakout from the dynamic support and static one.
We are waiting for a clear pullback in order to apply our rules
How to approach it?
IF the price is going to have a retest, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ black structure -> <= 1h structure.
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Follow the Shrimp 🦐
$CAKE, a long term gem.Back to early 2021, Pancake Swap was one of the most participated DEX. Volume, DAU and TVL growing make $CAKE sky-rocketed to $40.
Then, bear market and DeFi winter came (along with lots of exploit on BSC DeFi protocols) and $CAKE price heavily dumped to the bottom of $3.
In the last 2 months, $CAKE managed to bounce to $4, thanks to the market rally and some new Pancake Swap development. But the weekly candles growing weak, into a reversal pattern.
$CAKE will have to back test $3 level before bounce back higher in 2023.
Entry : $3.1-$3.3
Stoploss : $2.8
Target : $4.5 - $6 - $10 (longterm)
PancakeSwap CAKE price is trying to break up from downtrendThe CAKEUSDT price has been in a falling trend channel since April 2021.
In fact, almost immediately after "the hype CAKE" exited into the market, when the price of CAKE rose from $10 to $44 in a month, the search for a fair market price began.
Looking at the chart, we can see aggressive buying of CAKEUSD from $3
After, buyers of PancakeSwap twice time bought back the price from the critical $3.60 level, giving him the status of a "mirror"
Roughly speaking, we can say that a price zone of $3-5 is a zone of fair market price , which satisfies both buyers and sellers for the last six months.
Therefore, in case of positive developments in the cryptocurrency market, we can expect the CAKEUSDT price to exit the falling channel.
The first task of buyers is to break through and consolidate above $5.50.
If this condition is met, in the medium term, you can start dreaming about growth to the region $8.75 - 9
If the wave of negativity again covers the crypto market and the price of CAKE drops below $3.60, then it is not worth buying CAKE again before $2.90-3.
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CAKEUSDT Elliott Waves Analysis Hello friends.
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Everything on the chart.
Entry: market and lower (perfect entry zone 3.5 - 3.2)
Target: 4.5 - 5.4 - 6.2
Main target zone: 6 - 6.5
after first target reached move ur stop to breakeven
Stop: ~2.55 (depending of ur risk). ALWAYS follow ur RM.
Risk/Reward: 1 to 3
risk is justified
Good luck everyone!
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It's not financial advice.
Dont Forget, always make your own research before to trade my ideas!
Open to any questions and suggestions.