Bittensor | Deep TA
2024-08-26

Another chart and for this one we have many signals to look at; much data.

We have a resistance line. This is the thin black line that stopped Bittensor (TAOUSDT) from growing in December 2023. Before the pair was able to move higher, it had to make a small retrace.

Needless to say, after the peak in March this level worked as support on the way down. There was some action around it before TAOUSDT moved lower to produce a double bottom and major low.

We have a strong support line. This is the bold dark orange line at the bottom. It worked as support in early January 2024, leading to the bullish wave peak, so a strong support. After the correction, this level worked as support again. First in July and then again on the 5-Aug. crash. Notice that the 5-Aug. session produced a long lower wick but ended closing above it, green and with really high volume. This sends out a strong bullish signal.

Current price action is sending prices back above the "resistance" level, the black thin line and this puts TAOUSDT on bullish grounds. The thing is that the situation is still active, resistance is being challenged now, not yet broken and thus anything goes; this is a decision point.

Seeing the major correction, the strong positive reaction at support and the other altcoins, we can bet on the bulls winning and expect higher prices. This is based on the chart signals. The not so funny thing is that when the market conditions change, all these signals become useless. Say everything turns tomorrow and thus the strong bounce at support becomes irrelevant because price action rules all.

Anyway, there is a bullish bias on this chart.

If there is a drop, support is sure to be found at the dark orange line. Depending on how this level is handled we can consider the next move. This is a mixed bag.

I would personally go for the ones trading lower or approach this with a well thought out plan.

Namaste.