Hello traders, today we will talk about cryptocurrency CAKE, which has from Elliott wave perspective probably formed the bottom as we see it trying to wake up from strong projected support zone.

CAKE/USD

As you can see, CAKEUSD is already breaking the EW channel resistance line after we noticed a completed five-wave cycle within wave C of an A-B-C correction from the highs. So, seems like it's forming the bottom and we can expect bulls to show up son, just keep in mind that we need an impulsive recovery back to 10 level to confirm a bullish reversal.


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