My idea for CAKE/USDT for the weekend
I'm just a beginner chartist but I cannot ignore this double bottom pattern potentially forming.
If the red dynamic resistance line is broken with some volume (and retested) then a break above the purple neckline may be in the books, followed by a break above the last support turned resistance. If then that level is retested and it holds then we are looking forward to a move higher up. Please watch all the key levels that I circled on the chart. If you go long use proper stop losses and you may also want to take small profits on the way up at the key levels.
Remember, the bull trend has not yet been confirmed on the 4-hourly chart, we are still officially in a bear trend on the short term. We may as well see further downward movement regardless of my observations.
If the red dynamic resistance line is broken with some volume (and retested) then a break above the purple neckline may be in the books, followed by a break above the last support turned resistance. If then that level is retested and it holds then we are looking forward to a move higher up. Please watch all the key levels that I circled on the chart. If you go long use proper stop losses and you may also want to take small profits on the way up at the key levels.
Remember, the bull trend has not yet been confirmed on the 4-hourly chart, we are still officially in a bear trend on the short term. We may as well see further downward movement regardless of my observations.
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