💎Keep a close watch as #BAKE eyes that resistance level
Updated
💎 Paradisers, #BAKE has formed a 'W' pattern after taking liquidity by breaking below previous swings and then rebounding, indicating potential trapped sell positions with stop losses above the resistance area.
💎 If #BAKEUSDT breaks out above the resistance level, we can expect a bullish move as it triggers the stop losses of sellers, potentially leading up to the next resistance levels. Remember, we need a confirmed candle close and bullish signs for confirmation.
💎 In the case of a pullback, if the price starts showing bullish signs from the support level, we could potentially see a triple bottom, increasing the likelihood of a bullish move. However, it would be prudent to look for a Change of Character (CHoCH) and a Break of Structure (BOS) on lower timeframes for confirmation.
💎 However, if the price breaks down below the support level, it will invalidate the bullish signals. In this case, it's better to disregard this analysis and wait for more favorable price action to develop.
💎 If #BAKEUSDT breaks out above the resistance level, we can expect a bullish move as it triggers the stop losses of sellers, potentially leading up to the next resistance levels. Remember, we need a confirmed candle close and bullish signs for confirmation.
💎 In the case of a pullback, if the price starts showing bullish signs from the support level, we could potentially see a triple bottom, increasing the likelihood of a bullish move. However, it would be prudent to look for a Change of Character (CHoCH) and a Break of Structure (BOS) on lower timeframes for confirmation.
💎 However, if the price breaks down below the support level, it will invalidate the bullish signals. In this case, it's better to disregard this analysis and wait for more favorable price action to develop.
Note
💎 Paradisers, As forecasted, #BAKEUSDT has shown us a bullish move after breaking the resistance level and achieved a 21% gain. Now, at this level, we can book some quantities & Trail our SL to BE for safety.
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.