Hey traders! ๐
#CAKE is currently consolidating within a symmetrical triangle โ a classic setup that often precedes a big move! The price action is tightening, and momentum is building. ๐
๐ 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, thatโs our cue to go long!
โ
Risk Management: Stop-loss just below the retest zone. Target based on measured move of the triangle.
๐ง 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!
๐ฌ Let me know your thoughts! Are you bullish on CAKE too?
๐ก Drop your targets in the comments!
๐ Like & follow for more chart setups and trade ideas.
#CAKEUSDT #CryptoTrading #TriangleBreakout #Altcoins