#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.
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