Let them eat CAKE!
Right now we could see a nice falling wedge after a bearish Crab Harmonic Pattern that after it reached the pcz, retraced to the .618 fib level from which it has been holding as support for 6 weeks now. Yes it struggled at the 200 day sma but it never dumped and created alot of support by doin so.
Rn Cake is perfect for a trade because its very easy to manage risk at these levels. A close below 17.80$ could signal more downside on CAKEUSDT but if it manages to break the supply line of the potential falling wedge it could end this consolidation/accumulation at high levels and sideways movement with a big bullish engulfing candle in the next days or even hours.
Stop losses are manual because we always want a candle close confirmation
b4 selling.
Today i learned a valuable TA Lesson i used the same chart for the last months for CAKEUSDT. I always studied the same CAKEBUSD chart which was cluttered with drawings which made me biased. i never hid all my drawing or looked at a clean chart which was a distraction from developments that happened on the Chart. From now on i will take a fresh look at stuff and also focus on the most important drawings and start hiding stuff more often while charting.
Rn Cake is perfect for a trade because its very easy to manage risk at these levels. A close below 17.80$ could signal more downside on CAKEUSDT but if it manages to break the supply line of the potential falling wedge it could end this consolidation/accumulation at high levels and sideways movement with a big bullish engulfing candle in the next days or even hours.
Stop losses are manual because we always want a candle close confirmation
b4 selling.
Today i learned a valuable TA Lesson i used the same chart for the last months for CAKEUSDT. I always studied the same CAKEBUSD chart which was cluttered with drawings which made me biased. i never hid all my drawing or looked at a clean chart which was a distraction from developments that happened on the Chart. From now on i will take a fresh look at stuff and also focus on the most important drawings and start hiding stuff more often while charting.
Note
I appologize for my bad english in this post i wrote this after a long day at work with not enough sleep the night before. xDNote
Thanks for the likes!Nice class A bullish divergence on CAKE 4h developed over the weekend at the last support level around 17.37$ and its starting to play out rn.
My PC broke down this weekend, so no in depth analysis, but everything still lookin good on the chart. Lets hope this trade plays out so i can buy a new PC lol.
Trade closed: stop reached
Well that didnt play out nice for CAKE. I think the setup was good from a TA perspective but fundamentaly i think other AMM's and DEX's draining liquidity from Pancakeswap which is mostly known for trading shady coins on BSC. I moved all my Funds from BSC and SOL to CRONOS and recovered all my losses thanks to the CRO pumpage.
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