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CAKE reacted from the major support area at $1.16–$1.89, forming a flag pattern. The price is short-term bullish but remains in an overall bearish downtrend. Taking a short position may be a good option at this time
Bitcoin is consolidating within a descending broadening wedge pattern and is currently trading below the wedge’s resistance trendline.
The Ichimoku Cloud is also acting as a resistance barrier, keeping pressure on the price.
A strong breakout from the wedge would confirm a bullish rally in the market. Otherwise, price may continue to move within the pattern until a clear breakout occurs.
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