$TAO Range High Deviation & Reversal Setup 📉
$TAO recently rallied impulsively into the prior range high near $300, printing a clear rejection wick. This suggests a potential deviation above resistance, yet the move currently lacks follow-through.
Price action is showing signs of exhaustion after a significant vertical push. If $TAO fails to sustain above $300, this could confirm a classic trap setup, favoring a rotation back into the range.
A short setup is considered if price consolidates further (3-4 candles), confirming a potential decline.
Entry: 295 – 302
SL: 315
TP1: 275
TP2: 260
TP3: 244
As long as the SL at $315 remains intact, downside targets toward $275 and deeper liquidity at $244 remain in play. Exercise caution and await confirmation before entering.
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