BAKEUSDT → Breaking through resistance opens up the potential

7. Okt. 2023

BAKEUSDT is trying to move into the phase of realization of accumulated potential. A consolidation above the 0.1421 level will be a good starting point. If we break through the resistance of the range, we can get a gorgeous bullish potential (targets are indicated on the chart)

BTCUSD shows good dynamics for the medium term. The price after the false breakdown of resistance does not fall and there are prerequisites for a possible strengthening of the price to 30000, which will give a great kick in the butt to altcoins if the total capitalization increases.
From a fundamental point of view, the cryptocurrency is still turbulent and there is not much bullish news (strong news). But bitcoin is showing strength relative to the SP500 ( US500 ) - and that's good for us.
In terms of technical analysis BAKE: the price breaks the resistance of the annual descending wedge and we get a signal for further strengthening of the price. In the nearest future the market may test the previously broken level of 0.1421 and if the bulls successfully consolidate the position, the price may give a start towards 0.2339 and 0.2840.
Moving averages indicate consolidation and show a hint of something interesting.

Support levels: previously broken wedge boundary, 0.1421, 0.1161.
Resistance levels: 0.1580, 0.1882, 0.2339.

Since we see the breakout of the resistance of the figure, in the long term I expect the formation of the realization of the accumulated potential in the form of a bullish impulse to 0.2339, 0.2840.

Regards R. Linda!