CAKE/USDT: Still under bypass level at 5,10

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------

CAKE/USDT: Still under bypass level at 5,10

Context
- The Global Crypto market leads by BTC and ETH reversed up drawing a new bullish trend - However for CAKE the volume on CEX and DEX are decreasing within the bearish pressure on going.
- We are watching at 5,10 as resistance to re-integrate to provide a clear recovery signal
- Watch 3,15 as key Tactical support


Market configuration

- Graphical Elements :
Graphical Resistance = 8,20 & 5,10
Graphical Support = 3,15 & 2,50

- Mathematical Indicators:
EMA (Exp Moving averages) are resistance in flattening = Neutral
RSI indicator (below) is now above 50% in mixed configuration = Bullish / Neutral

- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target (C) B has been already reached = 2,50
Fibonacci resistance of the wave in progress = 5,10
Fibonacci support of the wave (2) = 3,15
Fibonacci Bullish Target = 8,20


Conclusion

Preferred case => As long as 3,15 remains support we are looking to buy the dip in the buying area in order to test and then surpass 5,10, before opening a further rise towards the double bottom potential at 8,20

NOTE: It is important to consider the DEX Coin (CAKE, UNI, CURVE....) with the trading volume generated today. The bullish momentum can be reinforced only with a global positive outlook on crypto market which is not the case for now (September is more probable)