bittensor (TAO): Bearish Or Bullish? EMAs & MACD
2024-10-17

Conditions can be slightly mixed on this chart as the pattern is a rising wedge but can also transform into a continuation pattern...

bittensor (TAOUSDT) produced a high 7-Oct. and has been shaking since. While there can be additional growth we have a majority of the recent candles closing red as well as rising bearish volume.

Total growth since the 5th of August goes beyond 300% so a correction, even if just short-term, wouldn't be surprising at this point.

We see a close below EMA8 and EMA13, which are fast moving averages.

The RSI is trending down while the MACD looks weak. I am considering additional indicators because the chart is young and we do not have enough data coming from the candles.

Let's look at the daily MACD: 
(Peaked late September and already produced a bearish cross.)

The probabilities favor the bears at this point.

Namaste. 