Everybody Loves CAKE 🍰 Analysis #11/50

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

on DAILY: Left Chart
CAKE has been stuck inside a big range between the 3.0 support and 5.0 resistance.

Now CAKE is approaching the lower bound / support zone so we will be looking for buy setups on lower timeframes.

on H4: Right Chart
CAKE is bearish from a short-term perspective trading below the red trendline.

🏹 Trigger => for the bulls to take over, we need a new high to form and then a break above the upper red trendline and red zone.

Meanwhile, until the buy is activated, CAKE can still trade lower till the 3.0 - 3.2 support zone .

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich