Crypto analyst Ghost has illuminated a breakout in the Bittensor (TAO) chart. TAO has successfully exited a downward channel, marking a bullish departure from previous trends.
This development suggests a potential end to its preceding downtrend, offering a reversal outlook that’s catching the eyes of market watchers. Notably, TAO differs from other altcoins by forming a Higher Low on the three-day chart, rather than the common Lower High.
This technical pattern is generally viewed as a bullish indicator, implying that investors are stepping in at higher price points than before. Moreover, TAO faces a test at the $360 resistance level. Overcoming this barrier could firmly establish a new uptrend, enhancing its market stance.
$TAOBroke out from the channel as said. Chart is really clean. Big resistance at 360$ 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… https://t.co/LPKgIKfVMt pic.twitter.com/yd5hWUNGq2
— Ghost (@TheGhostBTC) August 29, 2024
Trading Strategies and Risk Management
Ghost proposes a dual approach for handling TAO investments. For the more risk-tolerant traders, he suggests DCAing at the current levels. This strategy could mitigate risk by spreading purchases over time.
Conversely, conservative traders might prefer to wait for a clear break above the $360 mark before committing, to ensure the movement isn’t a false positive.
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Read also: Here’s Why Bitcoin (BTC) Price Could Struggle In September
Monitoring Market Indicators
Further insights can be gained by observing trading volumes and the MACD indicator. An uptick in volume coupled with a bullish MACD crossover might confirm the anticipated upward trajectory.
These indicators are critical as they provide additional confirmation of the trend, ensuring traders can make informed decisions based on robust market data.
The potential for TAO to commence a new uptrend hinges on its ability to breach and sustain above the $360 level. Traders are advised to monitor these developments closely, as the next few trading sessions could be pivotal in determining its short-term market trajectory.
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The post Bittensor (TAO) Signals Bull Run, Eyes $360 For Further Gains appeared first on CaptainAltcoin.
