$CAKE /USDT SHORT TRADE SIGNAL ā BEARS IN FULL CONTROL š„
$CAKE has broken below key intraday support and is currently retesting the breakdown zone near $3.18. The bearish flag pattern confirms continuation to the downside, suggesting further selling pressure as long as price stays below $3.28 resistance.
Trade Setup:
Entry: 3.18 ā 3.20
Target 1: 3.10
Target 2: 3.04
Target 3: 2.99
Stop Loss: 3.28
Market Outlook: Momentum remains weak with sellers dominating DeFi majors. Any failed retest below $3.20 could accelerate the drop toward the $2.90 zone. Stay patient and follow the trend until a clear reversal forms.
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Action: This is a potential target zone if the price pushes past $4.515 and continues its upward momentum. Look for a pullback or consolidation around $4.80ā$5.00 before deciding on further entries.
Potential Outcome: If the price consolidates near this area, it could signal a strong resistance zone to watch for reversal or continuation
Action: This target zone is a possible longer-term resistance area. If the price breaks through $5.00, the market might test the $5.30ā$5.50 level.
Potential Outcome: Look for confirmation of a breakout and watch for retracements back to this level if the price corrects
Risk Management:
Stop Loss: Place a stop loss near the SAR at $3.719 to limit potential downside risk. If the price drops below this level, the uptrend may be weakening.
Entry Point: If entering at current levels (~$4.33), consider setting a tight stop loss around $3.75ā$3.80 to manage risk in case of a reversal.
Take Profit: Gradually scale out of positions at each target level to lock in profits while maintaining exposure to further upside
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