$CAKE /USDT Technical Analysis & Trade Signal
Trade Format
Symbol: $CAKE /USDT
Timeframe: 15 minutes
Entry Price: 2.829
Take Profit (TP): 2.880
Stop Loss (SL): 2.798
Technical Analysis:
Parabolic SAR:
The Parabolic SAR dots are currently below the price, indicating a bullish trend.
Candlestick Pattern:
The recent candlesticks show a potential reversal pattern with a bullish engulfing pattern, suggesting a possible upward movement.
Support and Resistance:
Support: The recent low at 2.806 acts as a support level.
Resistance: The recent high at 2.880 acts as a resistance level.
Risk-Reward Ratio:
The risk-reward ratio for this trade setup is approximately 1:1.7, which is favorable.
Summary:
Based on the current chart setup, a long position (buy) can be considered at the entry price of 2.829 with a take profit at 2.880 and a stop loss at 2.798. The bullish indicators and favorable risk-reward ratio support this trade signal.
