CAKE chart formations
The primary strong capitulation point occurred in May 19th at the $26 price point. Since then, the price has bottomed at $9.50. This makes the $26 the 0.5 level of Fib retracement. From August 20th, the price has ranged in the 0.5 to 0.618 band of Fib speed resistance fan, and has formed a broadening falling wedge (a bullish pattern) with the target at $26 (again). This $26 level has become a strong resistance which was tested and did not break from August 23rd to 25th.
This time, reaching this $26 level will form a cup and handle pattern with the target of $42.5 (26 - 9.5 = 16.5 ; 26 + 16.5 = 42.5). We may see some resistance at 0.618 Fib level which is around $30, but if this resistance could turn into support, a strong price recovery to the ATH is very much possible in the next couple of months.
This time, reaching this $26 level will form a cup and handle pattern with the target of $42.5 (26 - 9.5 = 16.5 ; 26 + 16.5 = 42.5). We may see some resistance at 0.618 Fib level which is around $30, but if this resistance could turn into support, a strong price recovery to the ATH is very much possible in the next couple of months.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.