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Cakeanalysis

CAKE-PancakeSwap-USDT (OVERVIEW)Hello there!👋 Thank you for stopping by today, let's get right to it 🌍👇😄🎉 Technical Overview : 🔍📈 Technically, CAKE🍰 (PancakeSwap token,) IMO, was forming what looks to be some sort of bear-ish structure/harmonic.🐻👁‍🗨 Price decided against this pattern and we are now seeing some possible bull-ish activity🥳🐮, which leads me to believe we can hit our bull target depicted above! Additionally, price action broke up and out of a major trendline(purple,) engulfing the 💲16.0 price on ~May 31st, and has maintained bull momentum for the most part since then. I am expecting us to reach ~💲25.05 in the near future⏲⏰✔, where it would then be wise to re-analyze. Fundamental Overview : 📝📍 🍰🥘🍰 is a DeFi AMM platform that allows you to earn liquidity by staking the CAKE token on the BINANCE SMART CHAIN. BSC (Binance smart chain,) is a blockchain that provides fast transactions with low gas fees.🆗👍👏 PancakeSwap launched September 20, 2020 and is now down ~54 % from its ATH price of ~$44 on April 30th of this year.😮📆 We may be seeing Pancake lovers scooping up their CAKE while it's down.. let's see👀, but remember, always use proper precautions when making large investments 📌🧐 I have also created a few other paths that I see possible, in the event that we turn bear-ish. 🙂🐻 🛑🛑🛑This is not financial advice, always have a stop🤚🛑💲 loss set🛑🛑🛑 It is a good idea to always monitor 🧐👀 BTC and ETHs movement when making any trade Any thoughts 💭💡, questions 🙋‍♀️🙋‍♂️❓, good 👍, bad👎, happy 😄 or sad 😥, in the comments always welcome. Thank you so much!!! Jazerbay 🐶
Long
by jazerbay
38
My idea for CAKE/USDT for the weekendI'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.
by LaiChee81
2
My idea for CAKE/USDT in the coming days/weeksI can see a bullish flag on the CAKE/USDT daily chart: prallel descending channel after a long price explision. No RSI or MACD divergence (higher highs on price and the latter 2 indicators alike) -> I expect no trend reversal, I am still bullish. Strong confluence: min/max price Fibonacci 0.618-level retracement aligns with default daily Keltner Channel bottom. Also a past resistance ($29.333) is almost touching these levels. Past resistance may act as support for this falling price. Checking the 4-hour chart a bounce upwards may be imminent. If it breaks the upper channel level, it may go up to ~$54. If I stick to the daily chart, I assume the price would go up to the channel top, bounce back to around ~$30-$31 then race up to break the upper channel level all the way to $53. Also the Fib-retracement level 1.272 level is ~$54. We will see how this works out.
Long
by LaiChee81