CAKEBUSD - Neutral, with potential reversal signs
To keep myself accountable and keep practicing my TA I'll be charting the top 100 crypto's by marketcap over the coming fews days. Any feedback and tips are welcome.
Trend: bullish (HH, HL), but getting harder to make HH with reducing volume
Note:
- Hard to get a read on this chart. Potentially forming a rising wedge that could break down.
- Volume decent, but decreasing
Trade:
- No clear trade that I see.
- Could continue upwards if we break/close above 4H resistance. Would trade the breakout and retest [LONG]
- 3 decent wicks above resistance tho, buyers could be getting exhausted and we could retrace to 0.618/D1 support level [SHORT]
Trend: bullish (HH, HL), but getting harder to make HH with reducing volume
Note:
- Hard to get a read on this chart. Potentially forming a rising wedge that could break down.
- Volume decent, but decreasing
Trade:
- No clear trade that I see.
- Could continue upwards if we break/close above 4H resistance. Would trade the breakout and retest [LONG]
- 3 decent wicks above resistance tho, buyers could be getting exhausted and we could retrace to 0.618/D1 support level [SHORT]
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