Tao price fell 3% today, but it ends with a 70% pump in April. The month started about $ 230 and the price is now $ 367.
Technical crypto analyst 'Patel' has updated its Tao Price Outlook today.
Analysis of Bittenor Chart shows bears signals
If you look at Patel Tao/USDT 3-hour chart of Kucoin, you can see that the price has moved since the beginning of April in a clear ascent channel, price-related parallel rising boundaries. Recently, Tao hit the upper limit of this channel and got back, sending the price down.
A signal appears RSI indicatorWhere we see lower heights while the price chart shows a higher rise. This classic caracious discrepancy usually signals short -term weakness or potential local top.
Patel's short entry for $ 385 turned out to be timely as the price rose briefly to $ 386 before the course was reversed. From this point on, about 6.25%have reached the setback, confirming the strong local resistance at this level.
The rejection was further enhanced by the small zone of the imbalance of liquidity that traders call a Fair value gap (FVG)To. The price reacted strongly from this area by adding signs of bears.
What happens to Tao?
Patel projects that the price of Tao may move to the central channel some dirty recovery, followed by potential continuation of bounce treatment. Setup is valid until the price is below $ 390.
For short-position traders, Patel recommends that you use partial profits to better control the risks and customize stop losses from $ 410 to $ 400. The advice is to let the setting out the current structure.
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Looking to the future, there are two main scenarios to watch:
For those who look at the possible short options, you could return to the $ 380-385 zone, back $ 390, back to the entry point. The play is about $ 382-385, with a stop of over $ 390 and targets $ 350 and $ 335-340. Traders should look for RSI or rejection within a lower period of time.
Alternatively, if Tao closes over $ 390 this month with a strong volume, the bear's outlook would have been repealed. This can signal a bullish exchange, with a potential long opportunity for a successful re -re -re -establishment of $ 390. In this scenario, the entries would be about $ 390-393 with a stop loss of less than $ 385 and a target of $ 415-420.
The following days will be determined by the scenario playing when Tao is one of the most volatile assets of the current market cycle.
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