- 🐻 Bittensor’s omens portend a bear’s feast.
- 🔥 A fiery bounce may spark, but Monday’s maelstrom looms.
In the tempest of the crypto seas, Bittensor [TAO] has been dashed upon the rocks, its value hemorrhaging as the bearish tide engulfs all. The once steadfast support at $434 has been washed away in the early deluge of 2025.
Repeatedly, the $500 level has been courted, only to be spurned with unceremonious haste.
Since the fateful day of the 21st of February, TAO has shed its worth by a grim 46%. The specter of the $216 support from yesteryear’s July now haunts the market, and the bulls seem bereft of might to stem the bleeding.
And yet, in the cryptic runes of the liquidation heatmap, a glimmer of hope dances.
From the tower of technical divination, TAO’s chart tells a tale of woe. The year has yielded naught but lower lows, with nary a higher high to be seen. The market’s daily structure stands as a testament to the sellers’ unyielding dominance.
The Awesome Oscillator, that harbinger of doom, has maintained its sullen forecast for the better part of the year. The CMF has struggled in vain to scale the peak of +0.05, save for a fleeting moment in the latter half of February.
Yet, as quickly as hope arises, the volume indicator dashes it to the ground.
The moving averages, like so many phantoms, whisper of the bearish momentum’s unassailable grip. The twin peaks of resistance at $320 and $360.5 loom menacingly in the horizon.
The 1-month liquidation heatmap paints a dire picture: the nearest fonts of liquidity lie at $296 and $314. Should the bulls dare to dream of higher grounds, they’ll find their path fraught with peril.
A bounce, while not an impossibility, may require the sweeping away of liquidity at $250—a daunting task indeed.
The 1-week chart whispers of a magnetic pull towards the $250-$260 zone, a siren call that may be answered in the coming hours.
At the mercy of Bitcoin‘s [BTC] whims, Bittensor may yet fall into the abyss below $250, or it may choose to turn the tide.
With the liquidity at $300 a veritable ocean, a price bounce seems to be simmering on the horizon. Traders may find their golden opportunity to go long after the $250-$260 retest.
Instead of leaping without looking, they may use the signs of reversal on the lower timeframes as their divining rod for potential buys.
Should volume and OI surge after the defense of this critical support, or should a Doji candlestick appear, it may signal the time to act. For if BTC continues its descent, TAO may well find itself at the precipice of $216.
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2025-03-10 04:13