CAKE Weekly Analysis – Long the Descending Wedge Bull Pattern!?
CAKE is in a descending wedge pattern and currently flirting with breaking out. After last week's bull bar closing near its high, we had a slight pullback to the 30EMA and bounced back to the top of the wedge. We have yet to breakout let alone confirm a breakout. Until then, this is what we have for data:
1. The Descending Wedge Pattern is Bullish
2. We should wait to enter long until the breakout is confirmed
3. We have some support on the 30EMA
4. Bitcoin is a leading indicator for the alt market. Bitcoin needs to confirm a breakout of the Weekly Resistance
5. RSI has room to move up but has more to fall. We should wait for more price action.
You are solely responsible for your trades, trade at your own risk!
Let us know what you think in the comment section below!