Hello guys,
Quick idea here
The CAKE/USDT pair continues to move in a short-term downtrend. Now the bull flag pattern has reached the previous horizontal resistance (and our target from the initial call when the price was $22), which turned into support. From here I expect a reversal with the next target marked on our chart.
The daily chart is in line with the consolidation pattern as well.
So in brief, I think if the price stabilized around this area we will see an uptrend continuation and reach the $45 target, then make a pullback to $40, which will be turned into support. The more pessimistic scenario will be to break below the support and touch the lower boundary of the bull flag, very similar to what we had on April 18.
Old idea here:
Stay safe !
Cheers
Quick idea here
The CAKE/USDT pair continues to move in a short-term downtrend. Now the bull flag pattern has reached the previous horizontal resistance (and our target from the initial call when the price was $22), which turned into support. From here I expect a reversal with the next target marked on our chart.
The daily chart is in line with the consolidation pattern as well.
So in brief, I think if the price stabilized around this area we will see an uptrend continuation and reach the $45 target, then make a pullback to $40, which will be turned into support. The more pessimistic scenario will be to break below the support and touch the lower boundary of the bull flag, very similar to what we had on April 18.
Old idea here:
Stay safe !
Cheers
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.