🐋 $TAO broke below the 90-day low of 188.06, with 24h trading volume rising to 1.8 times the daily average.
Stop-loss orders on long positions are usually clustered near swing lows. A break below on such heavy volume means a large number of stop-losses were triggered in succession. If large orders step in to absorb the selling after the stops are cleared, a rebound is likely; if buying support is weak, the price will keep looking for support.
#TAO
Personal note, not a specific trading recommendation.
Stop-loss orders on long positions are usually clustered near swing lows. A break below on such heavy volume means a large number of stop-losses were triggered in succession. If large orders step in to absorb the selling after the stops are cleared, a rebound is likely; if buying support is weak, the price will keep looking for support.
#TAO
Personal note, not a specific trading recommendation.