🔥 CAKE Closing In On Reversal Area: More Pain To Come?

١١ سبتمبر ٢٠٢١

CAKE has seen a tremendous run up during the bullish move during August and early September. At the moment, CAKE (and many other cryptos) are facing some difficult times since we had a very strong correction this week.

As it looks now, it seems we're not done yet. It looks like there's another bearish wave on the horizon.

For the bearish case, I've marked the green reversal area on the chart. This area is located between the 0.5 and 0.618 retracement lines. I'm expecting the price to reverse from that area. So, in case you'd want to load up on CAKE, I suggest buying in that area. DYOR.

The reversal's main resistance is based at $21.50, a bullish move beyond that level could indicate that the correction is over. Longer-term target at $26.

Happy trading!