The top of the downward channel was reached as I've anticipated in my previous analysis of CAKE.
Nonetheless I expected a more violent move downward (15USD) for a longer time.
The fact that this didn't materialize results in sort of accumulation pattern that broke the downward momentum.
This makes me leaning more bullish.
Once Cake manages to break out of the downward channel structure it can go for a run to 35USD.
This is 1,6 extension of current impulse and macro sell block.
Nonetheless I expected a more violent move downward (15USD) for a longer time.
The fact that this didn't materialize results in sort of accumulation pattern that broke the downward momentum.
This makes me leaning more bullish.
Once Cake manages to break out of the downward channel structure it can go for a run to 35USD.
This is 1,6 extension of current impulse and macro sell block.