- Tao regained a bullish market structure and could go to $ 400 in the coming days
- Liquidity Pocket Just below $ 300 can be a price target in the short term that TAO could test again
Bittersor [TAO]At the time of writing, a bullish look after the climb of the $ 270 level. This marked the lower high of the previous downward trend. The outbreak outside this level on Friday was a bullish market structure fracture.
In fact, it now seems likely that Tao Bulls could keep the momentum.
Swing traders and investors will be interested in a TAO back to this level
Source: Tao/USDT on TradingView
The bullish 1-day structure was accompanied by a rising BBV. The Volumetriek broke up its highlights from March, in addition to the price. This was a positive sign and emphasized a strong question behind the profits of the Altcoin in April.
The great Oscillator also made a bullish crossover a week ago and the green histogram meant that Bullish Momentum was snowing. In January and February the levels of $ 320 and $ 360 had served as support, but the steady sales pressure saw them turned over to resistance levels.
At the time of the press, Tao seemed to challenge the former level as a resistance. Even with the rising purchasing pressure and the momentum, the resistance levels of $ 320 and $ 360 can get stuck for a few days.
As bitcoin’s [BTC] Momentum could continue Bullishly, it is likely that Bittensor would be able to climb more than $ 400 and challenge the next important resistance to $ 460.
The 3-month liquidation heat showed that a huge cluster of liquidations had formed around the $ 280- $ 295 region last month. Bittensor saw the recent profit fly past this magnetic zone.
In addition, it confirmed his bullishness and hinted that the next target was $ 373. In the south, the same $ 295 level saw a small cluster of long liquidations built up. That is why it may be possible that Tao can withdraw to $ 290- $ 300 before gathering to $ 370.
Traders must be prepared for this scenario. They can look at $ 290. A more conservative approach would be to wait for a retest of $ 290 and bounce over $ 300. They can then look for long entries.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
