📊 TAO/USDT Market Structure Break & Hammer Candle Formation! 📊
TAO has been in a downtrend, respecting the descending trendline. However, in the highlighted area, we see a break of market structure (BOS) as the price has pushed above the trendline, signaling a potential reversal.
🔎 Key Observations:
✅ Market Structure Break – The price has broken the descending trendline, indicating a possible shift in trend.
✅ Hammer Candle Formation – A hammer candlestick has formed at the Fibonacci 0.236 level ($404.4), a strong support zone. This pattern often suggests buying pressure and a potential reversal from the current downtrend.
✅ Key Levels to Watch:
Resistance: $466.7 & $492.4 🚀Support: $404.4 & $298.0 📉
If buyers step in, we could see a bullish move toward higher Fibonacci levels! 📈
⚠ Disclaimer: This is NOT financial advice. This analysis is for educational purposes only. Always do your own research before making any investment decisions. 🚀
#TAO #Crypto #Binance #Trading #Fibonacci #MarketStructure #HammerCandle