$TAO /USDT BEARISH OUTLOOK: DOWNTREND DOMINATING š
Here's a technical analysis of the TAO/USDT chart, highlighting a bearish perspective:
Key Levels:
* Current Price: $358.82
* Immediate Resistance: The chart clearly shows a strong resistance zone around $372.00 - $376.00 (marked by the horizontal blue lines and prior price rejections). The price has decisively broken below this.
* Stronger Resistance: The recent high near $390.00 - $392.00 represents a significant resistance level.
* Immediate Support: The current price is testing an immediate support level around $358.00 - $359.00 (where the green box starts). A break below this would open up further downside.
* Next Potential Support: Based on the chart, the next significant support levels are marked by the blue lines at $350.85 and $347.54.
Market Next Move (Bearish):
The market has experienced a significant bearish reversal after failing to sustain higher levels. A sharp drop from the highs has broken through multiple support zones. While there might be a minor bounce, the overall momentum is strongly bearish, indicating a likely continuation of the downtrend. The price is currently at a critical immediate support level.
Trade Setup (Short Entry):
Given the strong bearish sentiment and the breakdown from higher levels, a short trade setup seems most appropriate.
* Entry: The chart appears to depict an active short trade. An ideal entry would have been on the breakdown of the $372.00 - $376.00 support zone, or on a retest of this zone after the break. Given the current price, a short entry could be considered on a confirmed break below the immediate support at $358.00, or if the price attempts a bounce back towards the $362.00-$365.00 area and shows rejection.
* Take Profit (TP):
* TP1: $352.00 šÆ
* TP2: $350.85 (as marked on the chart) šÆ
* TP3: $347.54 (as marked on the chart) šÆ
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