Direction
Long
Published
October 23, 2024
Status
Token
TAO
Trigger
Chart Pattern
Type
Trade Strategy
Updated
About + Tokenomics
Chart Analysis
Token Name | Bittensor |
Symbol | TAO |
CoinMarketCap Rank | 25 |
Market Cap | 3.95B |
Volume 24h | 112M |
Total Supply | 7.38M |
Circulating Supply | 7.38M |
TAO has delivered one of our most successful trades of the last few weeks. While it looks as if we time our exit perfectly, the token shows promising signs in terms of the next leg up.
Based on the daily chart, TAO forms a cup and handle pattern. The pattern has its resistance at ~$641. A break above this level should lead to some massive upward move.
Furthermore, all technical indicators indicators a bullish trend continuation and momentum (see below).
Technical Indicators
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades between all EMAs 🔵
- ADX: 28, indicating a light trend 🔵
Chart
Trade Setup
- Entry: Wait for a break above $641 and confirmation on the daily chart.
- Profit Target 1: Slightly below $780 (21%)
- Profit Target 2: Slightly below $1,000 (~55%) — make sure to take some profits on the way up.
- Stop Loss: ~$600