$TAO USDT - BULLISH CONSOLIDATION, BREAKOUT IMMINENT! š
Here's a technical analysis of the TAOUSDT chart, indicating a strong possibility for a bullish move after a period of consolidation!
š Current Price: The current price is hovering around $387.2, trading within a clear consolidation range.
š Key Levels:
* Support:
* Immediate support is identified around $387.1, which is the bottom of the current consolidation range and a previous resistance turned support.
* A stronger support zone can be seen around $383.5, which is the bottom of the potential stop-loss area and aligns with prior support.
* Resistance:
* The immediate resistance is the top of the current consolidation zone, around $390.0. A clear break above this level would confirm a strong bullish continuation.
* The next significant resistance is the target area at $396.8.
š„ Trade Setup - LONG:
Given the current consolidation at a higher level, a long position with a breakout strategy seems favorable.
* Entry: Consider entering a long position on a confirmed breakout above $390.0, or for aggressive traders, a long entry around the current price of $387.2, anticipating a breakout.
* Targets (TP):
* TP1: $396.8 (The projected target based on the potential range expansion of the consolidation)
* Stop Loss (SL): Place your stop loss below the immediate support and the consolidation range, around $383.5, to manage potential downside.
ā ļø Risk Management:
Always implement sound risk management practices! Only risk a small, predefined percentage of your trading capital per trade (e.g., 1-2%). Strictly adhere to your stop-loss to safeguard your funds. Avoid excessive leverage! Trade responsibly. š”ļø
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