TAO had a nice rally over the weekend, but I would be a bit careful going forward.
On HTF, we are still unable to form any considerable higher highs and locally we are still clearly forming a series of lower highs.
The way this has developed on very HTF is not really appearing to be a range; it looks more like a compressing triangle into support.
That same support level has been tested several times without producing relevant results, such as a fresh higher high on HTF. So as long as we don't properly break the local series of lower highs, I would be careful with long exposure at these levels.
A clean break of the last lower high at 330 would completely change this analysis and open the door to a much more meaningful rally higher.
DYOR
$TAO
On HTF, we are still unable to form any considerable higher highs and locally we are still clearly forming a series of lower highs.
The way this has developed on very HTF is not really appearing to be a range; it looks more like a compressing triangle into support.
That same support level has been tested several times without producing relevant results, such as a fresh higher high on HTF. So as long as we don't properly break the local series of lower highs, I would be careful with long exposure at these levels.
A clean break of the last lower high at 330 would completely change this analysis and open the door to a much more meaningful rally higher.
DYOR
$TAO