đ˘ Bittensor (TAO): Breakout or Bounce Incoming? âď¸đĽ
$TAO is trading at $401.5 (+1.87%), navigating a descending channel on the 1D timeframe! Will it break out đ or bounce at support đ§ą? Letâs analyze! đ
đ Key Scenarios & Trade Setups:
â
Breakout Scenario (Bullish)
đš Entry: Wait for a clean breakout + retest of resistance as support.
đš Targets: Previous highs & Fibonacci extensions.
đš Stop-Loss: Below the broken resistance.
â
Bounce Scenario (Bullish)
đš Entry: Look for bullish signals at the support block.
đš Targets: Resistance of the descending channel.
đš Stop-Loss: Below the support block.
â Breakdown Scenario (Bearish)
đš Entry: If support fails, consider a short position.
đš Targets: Next support levels below the broken block.
đš Stop-Loss: Above the broken support.
đ¨ Important Reminders:
đš Patience is keyâwait for confirmation before entering.
đš Risk management is crucialâalways use a stop-loss!
đš DYORâthis is not financial advice!
đŹ Whatâs your take on $TAO? Will we see a breakout, a bounce, or a breakdown? Share your thoughts below! đđ
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