$CAKE , HERE I WOULD ALREADY START WAITING FOR A BREAKOUT.
On the 4H chart, a bullish pennant is forming after a strong upward move. The price is currently around $2.54 and is once again approaching the resistance at $2.55–2.60.
And this is where it gets really interesting.
If buyers take $2.60 and hold above it, my next target is the $3.15 area.
But if the lower boundary of the pennant doesn’t hold, this whole beautiful setup will begin to weaken.
Support: $2.25–2.30.
I wouldn’t chase the candle just yet. First, I want to see who truly controls $2.60.
Because $CAKE is currently right in front of an important decision.
On the 4H chart, a bullish pennant is forming after a strong upward move. The price is currently around $2.54 and is once again approaching the resistance at $2.55–2.60.
And this is where it gets really interesting.
If buyers take $2.60 and hold above it, my next target is the $3.15 area.
But if the lower boundary of the pennant doesn’t hold, this whole beautiful setup will begin to weaken.
Support: $2.25–2.30.
I wouldn’t chase the candle just yet. First, I want to see who truly controls $2.60.
Because $CAKE is currently right in front of an important decision.
