$CAKE short to $1.50

1 בספט׳

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.

1 בספט׳

הערה

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.

17 בספט׳

הערה

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.