Technical analysis by SwingSamurai_QMA about Symbol BAKE: Buy recommendation (6/26/2024)

BAKE has been baking up a storm of volatility lately, with a nearly 50% price drop over the past few weeks. New lows have been established, leaving many traders wondering if the bottom is in. However, a closer look at the 4-hour chart reveals a potential long opportunity brewing. Key Points: Range-Bound: BAKEUSDT has been consolidating within a well-defined range on the 4-hour timeframe. This indicates a potential equilibrium between buyers and sellers. Breakout Potential: A decisive break and close above the upper boundary of this range could signal a shift in momentum and trigger a move towards the next resistance zone. Retest Opportunity: The next resistance zone would likely act as a retest area for the breakout. If BAKEUSDT holds above this zone, it could pave the way for further upside continuation. Risk Management: As with any trade, proper risk management is crucial. Set stop-loss orders below the recent swing low to protect your capital in case the breakout fails. Trade Idea: Entry: Consider entering a long position on a confirmed break and close above the lower boundary of the current range. Stop Loss: Place a stop-loss order below the recent swing low. Take Profit: Target the next resistance zone for a potential retest. If the retest holds, consider raising your take-profit targets to higher levels. Let me know if you'd like a more detailed analysis or have any questions. #BAKEUSDT #BakeryToken #Crypto #TradingView #TechnicalAnalysis