Long setup CAKE/BUSD
Price is currently forming a descending triangle pattern however this move is considered to be a physiological correction due to the recent pump and historical top creating an almost 50% drop.
Currently the price has found some support on the 0.618 Fib, and we can see that the selling power is getting weaker as a bullish divergence is forming on the MACD negative histogram.
Final Long setup confirmation would be at breakout and retest of descending triangle however we could also expect no retest as it is a pretty common situation in crypto markets to see breakouts without retests.
Hope you like it :)
Currently the price has found some support on the 0.618 Fib, and we can see that the selling power is getting weaker as a bullish divergence is forming on the MACD negative histogram.
Final Long setup confirmation would be at breakout and retest of descending triangle however we could also expect no retest as it is a pretty common situation in crypto markets to see breakouts without retests.
Hope you like it :)
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