Cake (Pancake Swap) : Learning The Bull Flag PatternBull Flags (Shorter Term)
Currently on CAKE:BTC we have a Chart Pattern called a Bull Flag forming. Which I have explained below & in the above chart.
• BEST ENTRY IS often when price fakes out under support or above resistance
• MIN 2 Touches each side
• PRICE MUST MOVE STRAIGHT UP or DOWN BEFOREHAND (or it is not a true flag pattern
• HIGHEST SUCCESS RATE of any chart pattern
To identify a Bull or Bear flag pattern the first key characteristic is the FLAGPOLE. The flagpole is usually a staight upwards or downwards move, if the flagpole is not abnormally straight upwards/downwards then it is probably a poor example of the pattern.
Price should then consolidate in a parallel channel (it can be sloped), this is the “flag”. The flag is a pause in the market before a up-move or down-move and we measure the flag pole for a possible price target. Bull & Bear Flags according to backtesting have the highest success rates out of any chart pattern - success rate being when they hit the potential measured move (the original flag pole height is measured, and added to the swing before BREAKOUT for a possible price target as shown in the diagrams).
The first entry is on the 4th touch of the pattern. It is also common for these patterns to have a THROWBACK (also known as bullish / bearish retest) before continuing in the direction of the breakout, this is marked as point (B) on the chart and the second entry point.
Look for bull flags forming on top of long term resistances (not below) and the opposite with long term supports on bear flags to increase probability of success also.
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So while CAKE continues to form then breaks out and stays above this Bull Flag pattern we have a higher probability of strong upwards movement, we will need to see the price eventually claim the 6600-6800 satoshi area as support for this to have a chance of happening.
See idea linked below for further education on Bull Flags.
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CAKEBTC trade ideas
CAKE/BTC Bearish Divergence - RSI & volumeTaking profit on CAKE/BTC after a 220% rise from entry. Yes, we broke its previous ATH, but there are two good reasons for being bearish.
1) Bearish divergence across the board (volume & RSI).
2) We should backtest that previous ATH (red line) as support. BTC, ETH, and others consolidated around their previous ATH's for a while before making another impulse up. I am expecting the same to occur here.
New rocket🚀Wassup
One more Flag pattern
Check CAKEBTC. There is an interesting formation for you.
The price followed trend and broke resistance after consolidation.
Possible retest of new support zone is expected.
So follow the chart and look for the best price to enter carefully.
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CAKE - whales accumulating before next leg up .. CZ will pump itYOUR LIKE OR COMMENT IS MY FUEL FOR NEXT ANALYSIS :) IF U HAVE ANY QUESTION REACH ME HERE
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CAKE - Buy the DipBoth the BTC and USDT pairs have swept intraday demand. There is still some untapped daily demand on both, so if we reject and make lower highs at the respective red regions, the blue regions are my target entires. Otherwise, we keep pushing above the red, hopefully with a quick retest, before we pump into Price Discovery.
CAKE/BTC
CAKE/BTC is currently in a ascending triangle and price is tightening at resistance bulls and bears going to have to make a decision.
Best way to trade this is wait for the break and retest for confirmation its going up.
Also given an aggressive entry example depending what type of trader you are.
PancakeSwap (CAKE) Project Overview + Targets (245%)What Is PancakeSwap (CAKE)?
PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return.
It launched in September 2020 and is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.
These tokens can later be used to reclaim their share of the pool, as well as a portion of the trading fees. These LP tokens are known as FLIP. PancakeSwap also allows users to farm additional tokens such as CAKE and SYRUP. On the farm, users can deposit LP tokens and get rewarded with CAKE.
PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE and stake CAKE to earn tokens of other projects.
Source: Coinmarketcap.com
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Here we have CAKEBTC (PancakeSwap) with a bullish chart setup.
Prices moving above EMA21 and bullish action only in the past four days.
You have multiple targets marked on this chart up to 245% of potential profits.
This is not financial advice.
Thanks a lot for your support.
Namaste.