CAKEUSDT → False breakout of resistance. Return to the trend
CAKEUSDT is forming a false breakdown of key resistance as part of a bullish rally. Further altcoin decline may be influenced by bitcoin's decline, the flagship looks rather weak
Technically, the move in Cake looks like a counter-trend maneuver to gather liquidity before a further, possible fall. The altcoin market is weak and most coins continue to look for a bottom, while bitcoin is consolidating but with a hint of a decline to 91-90K.
CAKEUSDT is focusing on 2.6144 - 2.7288. If the bears keep the price below these zones, the coin could head down in the short to medium term
Resistance levels: 2.6144, 2.7288, 2.2964
Support levels: 2.420, 2.0634
Statistically, a false breakdown provokes the strongest movements, often even trend changes. In this case, it is a counter-trend movement and if the price reverses locally, the coin will be under the pressure of the trend again. A price fixing below 2.6144 may strengthen the fall to 2.42, 2.06, 1.04.
Regards R. Linda!
Trade active
Realization stage. After a false breakout and price consolidation in the selling zone, the price rushes downward
Trade closed: target reached
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🌹TRADING is a CASINO💔!?
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You❗️CAN and ❗️SHOULD make money in trading!
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
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Disclaimer
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