#CAKEUSDT Ascending Triangle Breakout
Trade setup: Trading in an Ascending Triangle and price is approaching $5 resistance zone, where it was rejected in August. It also lines up with 200-day moving average. If price is able to break above that, it could revisit $8 thereafter. (set a price alert).
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance: Nearest Support Zone is $3.50 (previous resistance), then $2.50. The nearest Resistance Zone is $5.00, then $8.00.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance: Nearest Support Zone is $3.50 (previous resistance), then $2.50. The nearest Resistance Zone is $5.00, then $8.00.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.