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Cryptocurrency News Articles
Bittensor (TAO) Price Rally ‘Just Getting Started’: Multiple Indicators Turn Bullish, Here’s the Outlook
Oct 05, 2024 at 12:15 am
In an analysis of the recent price action surrounding Bittensor (TAO), two crypto analysts, Dark Horseman and Mammon, provide insights that
Cryptocurrency technical analyst Dark Horseman is bullish on Bittensor (TAO) after a recent breakout from a bull flag pattern. He also sees a “Golden Cross” on the daily chart, which is a bullish technical indicator.
In a recent tweet, the analyst highlighted key resistance levels at around $600 and $700, with flipped support/resistance at about $500 and $400. According to Dark Horseman, the token price is rallying strongly from the lower support area.
He also noted a bull flag that emerged in mid-August to early September, which is indicating potential continuation of upward movement. The breakout from this pattern has already contributed to the observed rally.
Furthermore, the analyst observed that the StochRSI is in the oversold zone, which could be hinting at a possible bullish reversal as the bearish pressure subsides.
Lastly, the Volume Profile Point of Control (VP-POC) is indicating strong support below the current price, suggesting that recent price actions are supported by prior accumulation.
Dark Horseman included a projection, indicating a potential gain of 953.1% from the low to the local high, echoing his belief in the potential for significant upward movement.
On the other hand, another cryptocurrency technical analyst Mammon applied the Wyckoff Model 1 to the TAO chart, suggesting a possible trend reversal or continuation.
In a recent tweet, the analyst pointed out the former strong performers that will likely continue trending in the same direction going forward. As a result, Mammon has his eyes on TAO.
He observed a nice range formation here with a potential Wyckoff model 1 as the third tap taps into demand, adding that the price is close to breaking 30m market structure.
Wyckoff Model 1 typically begins with a downtrend that creates a selling climax at the bottom. This is followed by a rally that tests the lower highs of the downtrend, creating a demand zone. Finally, the price makes one last attempt to break lower but fails, creating a spring that launches the price back up into the trading range.
As the price rallies within the trading range, it encounters resistance at the upper highs of the downtrend, creating a supply zone. The price then rallies once more to the upper highs but fails to create a new high, forming a secondary top within the supply zone.
Finally, the price breaks below the 30-minute market structure, signaling a downtrend continuation. However, Mammon stated that he would prefer to see a quick dip lower before a rally, referencing a common tactic in Wyckoff schematics.
After this anticipated dip, he forecasted that the price could rally back towards the upper resistance zone, marking the next significant trading range or breakout point.
Mammon also noted a strong demand zone where the price has consistently bounced, suggesting robust support. He also pointed out the upper resistance zone as a target for bullish traders if the Wyckoff pattern unfolds as expected.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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