Bittensor (TAO) continued to trade at the $300 psychological level. Despite the fact that the market leaders Bitcoin (BTC) and Ethereum (ETH) faced a major selling problem in the last week and were forced to register losses, TAO continued to rise.
So $300 was an important level that swing traders should keep an eye on. Is the continued rally another buying opportunity for TAO traders, or should they take profits and hope for a deeper recovery?
A bullish TAO pattern determines the direction
The move above $302.4 last week represented a strong reversal TAO on a three-day chart. At the same time, OBV was making new local trips, and the resistance of the number of thoughts was overcome.
These events were amazing, especially if Bitcoin and many altcoins were forced to decline or sell sideways. The importance of the expected AI infrastructure will inform you about the AI brand relative strength.
A return to $300 would be a buying opportunity for Bittensor traders and investors. Their next target would be $450-$500.
Why traders should buy now
The 4 hour chart was very encouraging. During this time, the stock price was very strong. Technical indicators also supported the upward trend and indicated a bullish trend for the altcoin.
Fibonacci retracement levels (cyan) indicated that a retracement is underway. A bag of $286-$305 would be a good place to buy, but it is not clear if we will get this dip.
Traders can look for any purchase within the $286-$319 area, as many traders and experts also consider the 50% retracement as an important support for the rise. In any case, the levels of $405 and $449 would be the next levels.
A break below the $261.1 mark will change the H4 pattern permanently and prevent the bullish setup described above.
Brief Summary
- Bittensor continued to trade at the $300 level despite the correction of the crypto market over the past two days.
- This strong signal could see another rise next week, with $409 and $450 being the next targets.
