Technical analysis by amirh-gh about Symbol CAKE on 6/15/2024

As you can see and I mentioned in my previous cake chart, unless we maintain above 3$, we couldn't move upward. As you can see, because of the blue trend line, we couldn't stay above 3$, and it was a fake break. As you know, we have been in a range box for 2 months, and based on the range box rules, if we have a fake breakout on either side, there is a high possibility of returning to the opposite side of the range box again. This clearly happened here. Now we are in a support area. We need to see a good reaction here to determine our next steps, but consider that we still have our blue trend line and the 3-dollar resistance above us. 📊Meanwhile, our volume is decreasing, which indicates that people are tired of this range box and these prices. Due to this situation, we could see a sharp move in either direction soon. 📈 Bullish Scenario: We are currently in a support area. We need to see a good reaction here to determine our next steps, but keep in mind that we still have our blue trend line and the 3$ resistance above us. •If the support at $2.40 holds and the price rebounds upward, it may target the next resistance levels around $3 and potentially 3.60 TO 3.80$ . These levels align with the Fibonacci retracement levels of 0.050 to 0.061 from our recent downtrend movement, as well as the resistance indicated by our yellow trend line. 📉Bearish Scenario: •If the price breaks below the support at 2.40 and closes and maintains there, the next target could be the support levels around 2.15. •There are also more bearish scenarios that I don’t want to consider yet. We need to see the reaction at 2.15, and then we will think about that scenario. However, we should keep it in mind. Keep a close watch on these levels and the overall market sentiment to make informed trading decisions. Please let me know what you think.