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CAKE/USDTPERP Potential Upward Movement

CAKE/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 26.6500, 27.6250, 28.1700.

Key Support Levels: 25.2825, 24.1150. 24.0000.

Daily Chart:

The price on the higher time frame is traded inside a bullish channel formation where higher lows and highs are seen. The price already posted a correction count where we expect after it a further movement to the upside in the same direction of the main trend.

CAKE/USDTPERP Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bullish pennant formation to the upside after posting a series of bullish candlestick. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the next key level.    

Signal Idea:

Buy Limit Order @ 25.6300

TP 1 @ 26.6150

TP 2 @ 27.6250

Stop Loss @ 25.3025

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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