Bittensor Market Dynamics (TAO)

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Jakarta, April... - Bittsensor's (TAO) daily chart shows that the downtrend has been ongoing since the last week of January, when the $416 level, which was the previous swing low, was broken.

Over the past six weeks, On-Balance Volume (OBV) has shown a steady decline along with TAO's price drop from $470 to $180. Recently, the $216 level also changed its function from support to resistance. Further losses are expected, and a price movement towards $140-$150 seems likely in April.

Technical Analysis: Indicators and Market Structure

Although Bittensor's daily OBV has shown a slight increase in recent days, the Chaikin Money Flow (CMF) surged higher over the past week by a considerable margin, currently standing at +0.05, signaling significant capital flows.

Despite increased buying pressure on CMF, the market structure and momentum remain bearish. TAO is trading below its 20-day moving average (blue) and the Bollinger Bands show increased volatility, with more losses likely as the price tends towards the lower band.

Trading Strategy: Navigating Liquidity and Potential Reversals

The one-month liquidation map shows liquidity pools at $240 as well as at $220, so these levels are short-term price targets as they are magnetic zones close to the price. In the one-week liquidation map, the $220 zone appears more prominent.

The cluster of liquidity in this region was quite large during last week, once again confirming the high probability that TAO prices will climb higher to sweep the $220 area. Once this happens, a bearish reversal becomes a viable possibility. It is difficult to ascertain whether $220 will see a bearish reversal or whether TAO could rise to $240. Traders should be prepared for both possibilities.

Closing: Conclusion and Price Projections

Alternatively, if momentum shifts and TAO rises above $240, traders should be more cautious, as this would make a price spike to $280-$300 a possibility. Until $240 is turned into support in the short-term, traders can remain favorable to the bearish view.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.