CAKE/USDT 4h simple analysis in 8th/Jun

Hi, crypto traders.

CAKE is in a downtrend now.

Unfortunately, the price suddenly started to go down and broke all MA lines to the lower side. After reaching 15.63USD, the price bounced a little bit, but it seems the candle goes down again.

If the candle keeps under 20h (red) line, the trend is a downtrend. Conversely, if the price goes up, the 1st target will be the cross-point with 80h (blue) line and 240h (green) line.

Because the trend is a downtrend, we shouldn't buy CAKE in this market.


==TODAY’s Check Points==
- The candle changes positively, then breaks 80h (blue) line and 240h (green) line?
- The candle continues to go down and breaks 14.90USD?

==TODAY’s Target Price==
CAKE goes up:
1st target: Cross-point with 80h line and 240h line
2nd target: 21.53USD (the last highest price)
3rd target: 22.50USD (the highest price in 20th/May)

CAKE goes down:
1st target: 14.90USD (the last lowest price)
2nd target: 13.81USD (the lowest price in 30th/May)
3rd target: 9.32USD (the lowest price in 16th/Mar)


Enjoy your trading.