CAKE has previously seen a lot of volatility. Over the past few weeks, volatility has died down a little and CAKE is seeing some bearish pressure. This trade is based on the idea that CAKE will continue its fall towards the strong support (our Entry) and bounce off from it.
Before entering this trade wait for the price to touch the Entry line. Higher time frames yield a higher predictive power.
On the chart Iâve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs. Do your own due diligence.
Happy trading!
Before entering this trade wait for the price to touch the Entry line. Higher time frames yield a higher predictive power.
On the chart Iâve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs. Do your own due diligence.
Happy trading!
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