Bounce or turn? $TAO is up 5.5% today, but it is still down 8.3% on the week.
Price is 305.3. The 7-day range runs from 282.0 to 337.1, so TAO has climbed about 8% off the low and still sits 9.4% under the high.
The weak part is volume: about 24.3M USDT in 24 hours, only 0.52x its 7-day average. The selling earlier in the week came with more trading than this rebound. A bounce on half the usual activity tells me buyers are cautious, not aggressive.
Hourly RSI is 61.0. Momentum has turned up, but it is not stretched yet. BTC is up only 0.57%, so this move is mostly TAO's own.
My view: a relief bounce inside a down week, not a reversal so far.
What would change my mind: a move back above 337.1 with volume above its 7-day average. That would erase the week's loss with real participation.
What would confirm the weak view: a drop back under 289, where TAO was 24 hours ago. Below 282, the weekly low is broken.
Until one of those happens, I am watching volume first and price second.
#Bittensor #BounceWatch
Price is 305.3. The 7-day range runs from 282.0 to 337.1, so TAO has climbed about 8% off the low and still sits 9.4% under the high.
The weak part is volume: about 24.3M USDT in 24 hours, only 0.52x its 7-day average. The selling earlier in the week came with more trading than this rebound. A bounce on half the usual activity tells me buyers are cautious, not aggressive.
Hourly RSI is 61.0. Momentum has turned up, but it is not stretched yet. BTC is up only 0.57%, so this move is mostly TAO's own.
My view: a relief bounce inside a down week, not a reversal so far.
What would change my mind: a move back above 337.1 with volume above its 7-day average. That would erase the week's loss with real participation.
What would confirm the weak view: a drop back under 289, where TAO was 24 hours ago. Below 282, the weekly low is broken.
Until one of those happens, I am watching volume first and price second.
#Bittensor #BounceWatch
