Another $TAO Bittensor tao's Falliing Wedge-Major support Retest

14 thg 3

TAO Tao Bittensor has formed yet another Falling Wedge
Current price: $243

For everytime #Tao has formed these falling wedges with Key support around 224, It has been accompanied by an explosive move upwards.
#Tao has also lost over 70% of it's value from an all time high of 795. So it is low risk.

Expecting retest of these supports: 370, 578
This idea Invalidation under 224!

More Extensive Analysis:

This chart is showing the price action of TAO (Bittensor) against USDT on a weekly timeframe, traded. Here’s a more extensive analysis based on the provided chart:

1. Falling Wedge Pattern
- The chart highlights a falling wedge pattern, characterized by converging downward-sloping trendlines.
- Falling wedges are typically bullish reversal patterns, meaning a potential breakout to the upside could occur.
- The previous falling wedge led to a strong rally, suggesting a similar scenario might unfold.

2. Current Price & Key Levels
Current Price: $243
Support Levels:
Most recent low $224

Resistance Levels:
$260 - $285** (near-term resistance)
$370 - $380 (tp1 - Take Profit 1)**
$578 - $600 (tp2 - Take Profit 2)**
$794 (long-term resistance)**

3. Key Takeaways & Trade Outlook*
- If the price breaks out above the falling wedge, a bullish move toward $370+ is possible.
- If the price breaks down further, the next major support is around $224.
- Traders might look for **confirmation** of the breakout before entering long positions.

17 thg 3

Ghi chú

TAO idea still valid

21 thg 3

Giao dịch đang hoạt động

TAO idea active...

20 thg 4

Ghi chú

370 incoming?