🛑🛑🛑Technical analysis of $CAKE/USDT (1H) 🛑🛑🛑
$CAKE $NOT $WAVES

Indicators and Levels

  1. Parabolic SAR indicator:

    • The Parabolic SAR points are above the current price, indicating a bearish trend. 📉

  2. Indicator Ishimoku:

    • Kijun-sen (purple line) and Tenkan-sen (blue line): Both lines are above the current price, signaling a bearish trend.

    • Ichimoku Cloud: The price is below the cloud, confirming the bearish trend. 🌥️

    • Chinkou Span (green line): The lag line is below the price chart, confirming the bearish trend.

  3. Moving averages (MA):

    • MA (99): The current price is below the moving average, indicating a bearish trend. 🐻

  4. Support and resistance levels:

    • Support: Area between $1,070 and $2,688. The price tested this area several times, which confirms its significance. 🔽

    • Resistance: The area around $3.660, where the price has encountered resistance several times. 🔼

Analysis of trends and patterns

  1. Trend line:

    • The chart shows several attempts by the price to break through the resistance level, but without success. This indicates the stability of the bearish trend.

  2. Pattern:

    • A consolidation pattern is forming in the support area, which may indicate a possible future reversal or continuation of the current trend.

Volume and other indicators

  1. Trading volume:

    • Trading volume remains relatively low, which may indicate declining interest in the asset or a consolidation phase. 📊

  2. Trend Strength Index (TSI):

    • A TSI value of -0.828 indicates a weakening bearish trend. 📉

conclusions

  • Short Term: In the short term, CAKE continues to be under pressure from a bearish trend. The support level around $2.688 needs to be monitored. If this level is broken, the price may drop even lower.

  • Medium-term outlook: To transition to a bullish trend, the price must break through the resistance level of $3.660 and consolidate above the Ichimoku cloud.

  • Long term: To confirm a long-term bullish trend, we need to watch for an increase in trading volume and a breakout of key resistance levels.

Trading recommendations 📈💼

  • Buy: Consider buying the $2.688 support area with a short stop loss below this level.

  • Sell: Selling may be appropriate at the $3.660 resistance area if the price fails to break through this level.

  • Caution: Closely monitor trading volume and indicator signals to make informed decisions.
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