๐CAKE follow BNB. Is it time to buy after 15% fall?
After BNB annaunce investing in Cakeswap it`s pump for 17% in 8 hours. As you see at volume indicator someone sells a lot of the coins (take profit). But why the price dump to the previous valua area of $4.34-4.42? The SEC raised a suspicion of Binance similar to the Ripple case. Allegedly BNB are shares of the exchange, which is not allowed by law. This news dump even Bitcoin for 6%!
๐What is good for bulls?
๐ถPrice is trying to close inside the valua area of $4.34-4.42. It`s the first sign of strength.
๐ถThe second positive sign for bulls is the volume growth. What this mean? Someone open additional long possition because there is enough liquidity to buy.
๐ถIf the price start to squeeze to the trendline and additionally volume will grow it will be the third signal that bulls show the strength and ready to pump the price.
๐ถClosure of cases of possible violation of the law by Binance exchange will give a strong boost to the price of BNB and CAKE.
Targets for long are marked on chart:
$4.88 - key level
$5.65-5.85 - value are
๐What is good for bears?
๐ถThe bulls were traped even on BTC so it`s possible that the price of all alts will follow the BTC price if the dump continue.
๐ถIf the SEC continues to investigate Binance, all altcoins linked to this exchange (CAKE, BNB, WRX, TWT) will consolidate or fall for a long time. For example, Ripple, which is about 2-3 years in a similar position in the bull market grew less than Bitcoin, although it has a capitalization of 10-15 times less.
๐ถThe false breakout of the trandline will b additional sigmal that the bulls haven`t enough power to push the price higher.
Binance is the largest crypto exchange and it`s hard to image that it will be banned. Perhaps the exchange will just pay a small fine, since the proceedings only concern 2017.
๐ปFriends, press the "like"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
๐What is good for bulls?
๐ถPrice is trying to close inside the valua area of $4.34-4.42. It`s the first sign of strength.
๐ถThe second positive sign for bulls is the volume growth. What this mean? Someone open additional long possition because there is enough liquidity to buy.
๐ถIf the price start to squeeze to the trendline and additionally volume will grow it will be the third signal that bulls show the strength and ready to pump the price.
๐ถClosure of cases of possible violation of the law by Binance exchange will give a strong boost to the price of BNB and CAKE.
Targets for long are marked on chart:
$4.88 - key level
$5.65-5.85 - value are
๐What is good for bears?
๐ถThe bulls were traped even on BTC so it`s possible that the price of all alts will follow the BTC price if the dump continue.
๐ถIf the SEC continues to investigate Binance, all altcoins linked to this exchange (CAKE, BNB, WRX, TWT) will consolidate or fall for a long time. For example, Ripple, which is about 2-3 years in a similar position in the bull market grew less than Bitcoin, although it has a capitalization of 10-15 times less.
๐ถThe false breakout of the trandline will b additional sigmal that the bulls haven`t enough power to push the price higher.
Binance is the largest crypto exchange and it`s hard to image that it will be banned. Perhaps the exchange will just pay a small fine, since the proceedings only concern 2017.
๐ปFriends, press the "like"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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