🔥 CAKE Horizontal Channel Break-Out

After a flying start, CAKE has died down a little. Over the course of the last week CAKE has shown small signs of recovery: the low of around 8.30 seems to be the low for now. With Bitcoin and many other crypto's on the rise, it's to be expected that CAKE will soon see some more bullish price action and break-out of the channel.

Before entering this trade wait for the price to close above the Entry line. Higher time frames yield a higher predictive power.

On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.

Happy trading!