Bittensor the Bitcoin Of Artificial Intelligence

6월 2일

Elliot Wave Pattern:
The chart shows an Elliot Wave pattern in which waves 1, 2, 3, 4, and 5 are identified. Currently, the price is in the corrective area of ​​wave C. This implies that the correction may be nearing its end and a potential reversal towards the next impulsive wave may occur. The next rally will be the very impulsive based because we are in major wave 3.

Fibonacci Retracement:
The price is currently around the 0.618 (approx. $308.16) and 0.5 (approx. $393.81) Fibonacci retracement levels. This level is often considered a strong support level in technical analysis.
If the price manages to stay above this level, a significant upward movement is likely.

Bullish Divergence on RSI:
The RSI (Relative Strength Index) indicator shows a bullish divergence, which means that even though prices are falling, purchasing power is starting to increase. This is often a signal that the price will reverse upwards.

Price targets:
Potential price targets based on Fibonacci extensions are approximately $1,003.05 (1.618) and $1,409.51 (2.618). This indicates the potential for a large increase from the current price if a reversal occurs.

EMA (Exponential Moving Average):
The price is currently below the 21-day EMA, which serves as dynamic resistance. A break above this EMA will provide additional confirmation that an uptrend is underway.

Taking into account the factors above, TAO/Bittensor has the potential to experience a significant increase if the price manages to stay above the critical support level and there is confirmation of the bullish divergence on the RSI.