Bittensor (TAO) Signals Bull Run, Eyes $360 For Further Gains
- WBOYOriginal
- 2024-08-30 06:09:171074browse
Crypto analyst Ghost has illuminated a breakout in the Bittensor (TAO) chart. TAO has successfully exited a downward channel, marking a bullish
Cryptocurrency trading signals platform Bittensor has highlighted a breakout in the TAO chart, indicating a potential bull run. After exiting a downtrend channel, TAO is now charting a Higher Low on the three-day timeframe as opposed to the common Lower High, suggesting bullish divergence.
This technical pattern typically signals an uptrend, indicating that investors are purchasing the asset at progressively higher prices. TAO now faces a test at the $360 resistance level, with a successful breach heralding the beginning of a new uptrend and bolstering its market standing.
$TAOBroke out from the channel as said. Chart is really clean. Big resistance at 360$ level.
The difference with other $alts is that TAO made a HL on 3D chart and not another LH. So now we need to see if we will finally break the 360$ level and it will start another uptrend…
"Ghost" signals a breakout in the TAO chart. (Screenshot: Twitter)
Ghost suggests two strategies for handling TAO investments:
1. DCA at current levels (for traders willing to take on more risk): This strategy involves making multiple purchases of an asset at regular intervals, typically to lower the overall cost basis and mitigate risk.
2. Conservative traders may opt to hold off on entering a trade until there is a clear break above the $360 mark, to avoid the possibility of false positives.
Keep an eye on trading volume and the MACD indicator; an uptick in volume and a bullish MACD crossover could confirm the anticipated upward trend. These indicators are crucial for providing additional confirmation of the trend, ensuring traders can make informed decisions based on up-to-date market data.
TAO's ability to breach and sustain above the $360 level will determine the possibility of a new uptrend. Traders are advised to monitor these developments closely, as the next few trading sessions could be pivotal in dictating TAO's short-term market trajectory.
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