Alikze »» TAO | Retest the bottom of the ascending channel
2024-08-29

🔍 Technical analysis: Retest the bottom of the ascending channel 

- In the 4H time frame, after a price pump in the range of $162, it has been moving in an upward channel for some time.

- In this ascending channel, after hitting the ceiling of the channel 3 times and not being able to break the range, it has faced selling pressure.

- Currently, in the middle of the channel, after suffering for a while, it has again faced selling pressure.

- According to the behavior and structure of this correction, it can extend to the area of ​​$278, which is in the range of the bottom of the channel. After that, it can have a retest to Fibo 1.618 and neck line, and then continue the correction to the $250 area.

- In addition, if the $250 range is broken, the correction should continue until the origin of the downward movement.

💎 Alternative scenario:  If in this ascending channel it can stabilize above the neckline after the pullback to the broken structure, there will be a retest to the top of the channel.
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