#bake 📐 Patterns:
Rising Wedge
This is usually a formation that results in a downtrend.
After this wedge broke upwards on the chart, a decline may have been expected, but then the price recovered again.
Falling Wedge
This formation usually results in an uptrend.
The BAKE price broke upwards from this wedge, catching a bullish momentum.
Double Bottom Formation
Strong support has been established in the areas labeled Bottom 1 and Bottom 2.
The targets have been reached with the upward reaction from this area.
🎯 Target Levels:
Target Price (USDT) Description Target 1 (Up) 0.1008 The first resistance point where the double bottom and upward formations intersect – being tested. Target 2 (Down) 0.0806 First support target in a potential downtrend scenario Target 3 (Down) 0.0760 In the case of a significant decline, deep target according to the height of the wedge formation
🔍 Technical Observations:
Current price: 0.0989 USDT
The upward trend is supported, but the resistance at 0.1008 is strong.
If this resistance is broken, the uptrend may continue.
However, if rejected in this area, the downtrend scenario will become valid and targets 0.0806 and 0.0760 may be activated.
⚠️ Support and Resistance Areas:
Type Level (USDT) Importance Resistance 0.1008 Strong psychological and technical resistance Support around 0.0900 Wedge lower boundary and previous breakout area Main Support 0.0806 – 0.0760 Target area for the downtrend scenario
✅ Summary:
Indicators Value Patterns Rising Wedge, Falling Wedge, Double Bottom Observed Direction Neutral – will shape according to the breakout direction Uptrend Scenario Continues if it stays above 0.1008 Downtrend Scenario Aims for 0.0806 below 0.0900 Volume Confirmation Matters for the breakout direction