BAKE Massive falling wedge breakout
BAKE/USDT has broken out of a falling wedge reversal pattern on the weekly timeframe.
Having corrected all the way back to its opening price and into HTF demand zone, faking out the lows with pin bar candle close on the weekly.
Price has put in a higher high on the daily and could be the start of a new uptrend for this one, would expect to see it mitigate the first weekly supply zone and come back to the fresh weekly zone before continuing the uptrend and HH HL sequence.
RSI on 3D is reset having build up bullish divergence and taking support on the MA, always a great place to buy when RSI is oversold on the HTF and this is looking to be a great setup. MACD on weekly timeframe just produced bullish crossover with first green bar on the histogram with momentum coming back into the market as the last 2 weekly candles have been bullish.
Having corrected all the way back to its opening price and into HTF demand zone, faking out the lows with pin bar candle close on the weekly.
Price has put in a higher high on the daily and could be the start of a new uptrend for this one, would expect to see it mitigate the first weekly supply zone and come back to the fresh weekly zone before continuing the uptrend and HH HL sequence.
RSI on 3D is reset having build up bullish divergence and taking support on the MA, always a great place to buy when RSI is oversold on the HTF and this is looking to be a great setup. MACD on weekly timeframe just produced bullish crossover with first green bar on the histogram with momentum coming back into the market as the last 2 weekly candles have been bullish.
Penafian
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