CAKE /USDT a comprehensive analysis with stops and targets!
Atualizado
Hello dear friends,
Here is an analysis of Cake on the 10 hour chart.
Cake is in a clear downtrend and has broken out downward from the Red/Green triangle. Afterwards, a symmetrical triangle (orange) formed and broke out downward from there as well.
We may see a rebounce to resistance 1, 2 or 3. A stoploss in that case is always just below the support (green) or a little wider below the resistances if the price rises above them.
This is clearly a rebounce in a downtrend. So it is more dangerous to go LONG.
The targets for the longer term are 9.86, 8.45 and 7.22. Below 7.22 we can see a very sharp decline.
See also my previous analysis of Bitcoin because that is the leader and the rest follow. Also the world situation does not challenge me to go LONG but we just do what the charts dictate. The ALTS are the one which will get hit the most in a heavy downtrend.
Putting stops is good but best to wait for the daily candle because often the price goes much lower intraday to stop traders out.
Best of luck with trading or on the sidelines!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Here is an analysis of Cake on the 10 hour chart.
Cake is in a clear downtrend and has broken out downward from the Red/Green triangle. Afterwards, a symmetrical triangle (orange) formed and broke out downward from there as well.
We may see a rebounce to resistance 1, 2 or 3. A stoploss in that case is always just below the support (green) or a little wider below the resistances if the price rises above them.
This is clearly a rebounce in a downtrend. So it is more dangerous to go LONG.
The targets for the longer term are 9.86, 8.45 and 7.22. Below 7.22 we can see a very sharp decline.
See also my previous analysis of Bitcoin because that is the leader and the rest follow. Also the world situation does not challenge me to go LONG but we just do what the charts dictate. The ALTS are the one which will get hit the most in a heavy downtrend.
Putting stops is good but best to wait for the daily candle because often the price goes much lower intraday to stop traders out.
Best of luck with trading or on the sidelines!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Nota
If you want to go LONG on Cake than trade from level to level. If cake goes trough resistance 1 then place the new stop under resistance 1 and the next target is resistance 2. If price goes trough resistance 2 than move your stop under resistance 2 and target is then resistance 3 and so on.If Cake brakes the red trendline to the upside than this is a good bullish sign and breaking the green trendline a new scenario will unfold.
Remember that volume is key! rising without rising volume is a bearish signal.
All options on Cake are open. You have here here a complete plan and what ever happens, be sure you are on the right side of the market.
One tip, Because of volatility you can choose to wait until a day candle close to trigger your stop. It is a good method and you have not the risk to get stopped out intraday!
Do not forget we are still in a downtrend and the scenario can only change when the downtrend change to an uptrend. (higher highs, higher lows).
This is not advice to buy or sell but just my idea!
I Wish you all very good luck!
Nota
An actualized chart. Everything stay the same.Nota
The target was hit! Hope you had some profits or anyway did not go long on Cake.I think we will bounce now to MAX 8.26 and then decline further. I am not taking this trade because I go with the trend and not against it but if you do, place a stop below the last low with some points. The price can go much lower also we are talking about an ALT coin. The real value nobody knows so there is a lot of room.
Wish you all good luck!
Nota
Nota
Dear friends, the bounce to 8.44 which I wrote yesterday is now a fact.The analysis iscomplete now and this one will not be updated anymore.
Wish you all happy trading
Nota
Lower targetsDear Friends,
We will see, in my opinion, the following targets with Cake.
6, 5, 4 and 2 usd.
That 2 usd may take months but it may also be faster if important things change in the world that affect the markets.
Good luck with trading!
Nota
UPDATEHello friends,
The target of 6 was already hit as I wrote onm 27th of Jan 2022. The next targets 5, 4 and 2 are on the way.
Wish you all safe trading!
Nota
Hello friends,We are now at 5.93 and on our way to 5 usd which is the next target!
Nota
Hello Friends,The previous targets are all hit and now we are at 4.30 USD.
Next targets 4/ 3/ 2 USD
Safe trading friends!
Nota
UpdateThe target at 4 USD was also hit and now we are on the way to
3 and 2 USD!
Happy trading dear friends!
Nota
UPDATETarget 3 was hit as I predicted before and now we have 2.50 USD.
Just check the history from my updates and you will see that I gave these targets already in January 2022.
Keep in mind that we will see aggressive countermoves but it is not a moment to buy. Soon our target of 2 USD will be reached!
Wish you all nice profits friends!
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