Not only does Bittensor share similar tokenomics with Bitcoin, but Bittensor's current price action also resembles 2023 Bitcoin's price action (Bitcoin ETF HYPE Mania).
1) Both Bittensor and 2023 Bitcoin completed a 5 wave impulse followed by a 3 wave correction
2) Both Bittensor and 2023 Bitcoin bottomed at the white 1.618 trend based fib extension
3) Both Bittensor and 2023 Bitcoin on the Weekly RSI Indicator are forming Hidden Weekly Bullish Divergence where price made a higher low but the RSI indicator is printing a lower low.
I'm not committing to any price targets since Bittensor is still a relatively new coin (Huge Market Cap already). I'll commit to price targets when I see more price action. Right now expecting TAO to hit the white 1:1 extension @ $4,346.75. Honestly, if this is a 1-2 setup or a 1-2 1-2 setup (Microstructures on TAO look very ugly), Bittensor should easily break above $4,346.75.
1) Both Bittensor and 2023 Bitcoin completed a 5 wave impulse followed by a 3 wave correction
2) Both Bittensor and 2023 Bitcoin bottomed at the white 1.618 trend based fib extension
3) Both Bittensor and 2023 Bitcoin on the Weekly RSI Indicator are forming Hidden Weekly Bullish Divergence where price made a higher low but the RSI indicator is printing a lower low.
I'm not committing to any price targets since Bittensor is still a relatively new coin (Huge Market Cap already). I'll commit to price targets when I see more price action. Right now expecting TAO to hit the white 1:1 extension @ $4,346.75. Honestly, if this is a 1-2 setup or a 1-2 1-2 setup (Microstructures on TAO look very ugly), Bittensor should easily break above $4,346.75.
Trade active
TAO/BTC 3 wave correction most likely complete. TAO/BTC also trading in a bullish descending channel. Crypto is getting VERY exciting. I'd put TAO one tier below LINK/BTC/XRP
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.