Key Support Holds as Market Retests Major Resistance: Potential
Key Support Holds as Market Retests Major Resistance: Potential
TAO / TetherUS BINANCE:TAOUSDT
EssentialJax
In the daily chart, it’s unlikely the price will drop, as strong support was found at 220 from April to October. The current state is a retest of the major resistance at 615.
On the 4-hour chart, the price has been ranging for two weeks, with 602 acting as new support. A strong bearish wick appeared on October 7 at 1pm, but high volume has not yet confirmed it.
On the 1-hour chart, from 670, the price did not return to the value zone quickly (as candles shows some hesistation), indicating some buying interest between 604 and 630, suggesting buying pressure. A bearish wick with high volume appeared at 4pm, suggesting that greater demand level is around 600 than 610.
Consider entering a long trade around 600, with a take-profit target at 640
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