I really like this token, but until bitcoin and the greater crypto market can find its legs,
CAKEUSDT (the native token for everyone’s favorite DEX) is likely to struggle and at least retest the $1.50 level.Note
We're trading in a complex pattern; with a flat bottom triangle (yellow) merging with the support of our larger, rising channel on the DAILY (white). Despite being right at support levels, I think price is about to fall out of this structure and needs to bounce off the $1.50 we established in July before going higher later this year.
Note
I took profit after our first flush down to $1.55 last week, then re-opened this short with a tight stop, looking for another test of the $1.50 level. Obviously, the largest factor to our CAKE trade is whatever Bitcoin is going to do in relation to the upcoming Fed meeting.
-dawson
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-dawson
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.