CAKE Long Idea
So as you know CAKE is the native token of Pancake Swap. Pancake Swap is home to a ton of the shitcoins, CATGIRL and all that type of stuff. I don't put any money into shitcoins apart from a few swings on SHIB a few days back. As shitcoins continue to grow, which I believe they will as the average retail investor gets drawn in by stuff like DOGE or SHIB and the 10000x potential if you essentially buy a $300 lottery ticket. As they grow I think it's very reasonable for CAKE to increase in value, especially as it was at like +$8 from here in September.
As far as TA goes I'm mainly looking to open a position for what is on the chart. There is a fib overlaid from the start of it's rise in July to its high in September. The orange box is also a historical S/R level which you can clearly see looking through the chart. The fib levels and this level are respected heavily. There is also a valid downward trendline acting as support. IMO this looks prime for a breakout soon.
The SL and TP levels are fairly easy to explain as well. The SL is very wide to account for large wicks, and is just below the orange box. The TP levels are simply the fib levels, but SL is moved up to the previous one after a new one is flipped.
The blue line is my ideal scenario. A drop to the orange box, and from there a bounce and breakthrough the resistance to the .382 fib level. Then from there a pullback to a retest at the .5 fib level and the past resistance trendline. Following this I'd hope for a steady rise through the .236 fib level for a quick retest and then it would proceed upward to ATH. Again, this is MY IDEAL scenario, there are still external factors such as BTC and ETH which could completely change the plan, but with how things are currently I think this blue line is 100% plausible.
As far as TA goes I'm mainly looking to open a position for what is on the chart. There is a fib overlaid from the start of it's rise in July to its high in September. The orange box is also a historical S/R level which you can clearly see looking through the chart. The fib levels and this level are respected heavily. There is also a valid downward trendline acting as support. IMO this looks prime for a breakout soon.
The SL and TP levels are fairly easy to explain as well. The SL is very wide to account for large wicks, and is just below the orange box. The TP levels are simply the fib levels, but SL is moved up to the previous one after a new one is flipped.
The blue line is my ideal scenario. A drop to the orange box, and from there a bounce and breakthrough the resistance to the .382 fib level. Then from there a pullback to a retest at the .5 fib level and the past resistance trendline. Following this I'd hope for a steady rise through the .236 fib level for a quick retest and then it would proceed upward to ATH. Again, this is MY IDEAL scenario, there are still external factors such as BTC and ETH which could completely change the plan, but with how things are currently I think this blue line is 100% plausible.
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