$TAO Analysis: Is the AI Hype Hitting a Resistance Wall? 📉🤖
Bittensor ($TAO) has been riding the AI + Web3 wave, but current indicators suggest we might be looking at a "Bull Trap" driven by short squeezes rather than organic demand. Despite the grand narrative, the underlying market strength appears fragile.
Why I am Doubling Down on my Short Position:
Liquidation-Driven Pump: This afternoon’s spike was largely due to millions in high-leverage long liquidations and short squeezes. Real buying power (Spot accumulation) is lagging, and unsettled contracts are piling up on the floor.
Bearish Structure: On the daily timeframe, TAO remains in a long-term bearish structure, with key resistance levels around $241 holding firm. The price is currently trading below its long-term moving averages, signaling continued downward pressure.
Retail Exit: While the narrative of AI subnets is strong, retail investors are showing signs of exhaustion, often exiting during these brief relief rallies.
Updated Trade Plan:
Position: Increasing Short by 100,000, total position now 200,000 units.
Rationale: Fading the "False Prosperity" created by low-liquidity spikes.
Target Zone: Looking for a retest of the $165–$175 support area.
What do you think? Is $TAO ready to crash, or will the AI narrative push it higher? Share your strategy below! 👇
#TAO #CryptoAnalysis #ShortSignal #AISelection #BinanceSquare
Click here to Trade 👇 👇 👇
