Just like in my BNB analysis, CAKE has formed a nice bullish triangle pattern over the last week. Currently, CAKE is sitting at the lower trend line where it can either bounce off, or fall though.
After a sell-off earlier today, BTC appears to regain some strength, which is naturally great news for alts. Nevertheless, the triangle break out direction will depend on BTC. If BTC manages to break through 36k or higher, we can finally see some more gains for CAKE. However, a bearish case could launch CAKE back towards $12 or lower.
Keep a close eye on BTC when trading alts.
Happy trading!
After a sell-off earlier today, BTC appears to regain some strength, which is naturally great news for alts. Nevertheless, the triangle break out direction will depend on BTC. If BTC manages to break through 36k or higher, we can finally see some more gains for CAKE. However, a bearish case could launch CAKE back towards $12 or lower.
Keep a close eye on BTC when trading alts.
Happy trading!
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