CAKE â Triangle Pattern Forming: Breakout Incoming?
Hey traders! đ
#CAKE is currently consolidating within a symmetrical triangle â a classic setup that often precedes a big move! The price action is tightening, and momentum is building. đ
đ What We're Watching:
Pattern: Symmetrical Triangle
Bias: Bullish, with potential for upside breakout
Key Resistance: 2.65
Entry Plan:
We'll wait for a confirmed breakout above resistance, followed by a clean retest of the broken structure. If the retest holds, thatâs our cue to go long!
â Risk Management: Stop-loss just below the retest zone. Target based on measured move of the triangle.
đ§ Why This Setup Matters:
Triangle breakouts often lead to strong continuation moves, especially in trending markets. If BTC and the broader altcoin market remain bullish, CAKE could cook up a nice rally!
đŹ Let me know your thoughts! Are you bullish on CAKE too?
đĄ Drop your targets in the comments!
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