Taking profit on CAKE/BTC after a 220% rise from entry. Yes, we broke its previous ATH, but there are two good reasons for being bearish.
1) Bearish divergence across the board (volume & RSI).
2) We should backtest that previous ATH (red line) as support. BTC, ETH, and others consolidated around their previous ATH's for a while before making another impulse up. I am expecting the same to occur here.
1) Bearish divergence across the board (volume & RSI).
2) We should backtest that previous ATH (red line) as support. BTC, ETH, and others consolidated around their previous ATH's for a while before making another impulse up. I am expecting the same to occur here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.