CAKE/USDT { PANCAKESWAP }- BULLISH SETUP

ANALYSIS 🔎
- CAKE/USDT brokeout above the double bottom neckline resistance, hit a swing high and retraced.
- Price is retesting the key fibonacci retracement zone (0.618 - 0.702 - 0.786) and the double bottom neckline resistance.
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- The pullback retracement is resisted by the descending trendline resistance.
- Breakout above this descending trendline resistance could be a bullish signal.

BUY ENTRY ⬆️
- Conservative entry: breakout above the descending trendline resistance.
- Aggressive entry: key fibonacci retracement zone (0.618 - 0.702 - 0.786)

TARGETS 🎯
- Horizontal resistance level (@21.19).
- Horizontal resistance level (@23.74).
- Horizontal resistance level (@25.33).
- Horizontal resistance level (@26.60).
- Fibonacci extension level 1.0 (@33.88).

SETUP INVALIDATION ❌
- Breakdown below the previous swing low after the breakout.