CAKE has seen quite a bumpy start since it got added to BINANCE recently. With Bitcoin in a bit of distress, I suspect CAKE will see some more bearish price action in the coming few days. Accompanying that bearish move, I also see a strong reversal trade for CAKE in the future.
Before entering this trade wait for the price to close below the Entry line. Higher time frames yield a higher predictive power.
On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.