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Alikze »» TAO | Ascending corner pattern - 1D

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🔍 Technical analysis: Ascending corner pattern - 1D

- In the analysis presented in the previous post, in the 4H time frame according to the direction of movement, after the short-term ascending channel was broken, a correction was encountered, which continued until the correction range of $217.

Alikze »» TAO | Retest the bottom of the ascending channel

- Demand was met in the range of $217, which has continued its growth by forming a return pattern up to the range of $690.

- Currently in the supply zone, it has formed a bullish angle pattern.

- Therefore, I expect that after breaking from the bottom in the range of $500, it will face demand again and complete the 5-wave cycle up to the ceiling of the channel.

💎Alternative scenario:
In addition, if the pattern breaks and there is no support in the range of $500, the correction can extend to the green box.
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ノート

In line with the predicted trajectory, the price has broken out of the retracement bullish angle pattern, so I expect it to meet demand again and break the supply zone for the next target after completing a zigzag correction.

ノート

Following the previous analysis of the TAO currency, as can be seen, the second correction log has also been completed. Currently, there is no change in the return and continuation of the trend. Therefore, according to the second touch target, we should expect a change in the continuation of the process.

ノート

According to the alternative predicted movement path, after the pullback to the broken structure, it is moving towards the green box area (demand area).