CAKEUSDT is testing the 0.5 Fibonacci Level

14 Oca 2022

CAKEUSDT created a double bottom on the weekly support and now the market is testing the 0.5 Fibonacci level.

The buyers are trying to have a breakout from the descending trendline (dynamic resistance)

We can wait for the breakout from the weekly resistance (red one) and apply our rules to open a new long position

16 Oca 2022

Not

The price is testing the 4h resistance below the weekly resistance.
The market did 7.6% after our free call.

What the next?
We need to wait for a breakout of the major resistance.
12.5$ is a weekly resistance and usually is very risky to open a long position below this area.

On the daily timeframe (above) you can see how our support worked (around 10$)
We must recognize the structures in order to avoid the open a long or short position on the key level.