Market Overview for Bittensor (TAOUSDT)

• Bittensor (TAOUSDT) formed a bearish engulfing pattern near the 24-hour high before retracing.
• Price traded in a tightening range during the final 4 hours, suggesting possible consolidation.
• High volume spikes during the 19:45–20:45 ET window coincided with a sharp correction.
• RSI signaled overbought conditions early in the session and oversold later, highlighting volatility.
• A 61.8% Fibonacci retracement level appears to have acted as a key support in late trading.

Bittensor (TAOUSDT) opened at $357.30 at 12:00 ET on August 24 and surged to a high of $375.70 before retreating to a low of $337.20 and closing at $342.00 by 12:00 ET on August 25. Total volume reached 71,350.17, while notional turnover amounted to $24,287,150 over the 24-hour period.

Structure & Formations

Price action displayed a sharp bearish reversal at $374.90 during the 19:45 ET candle, forming a bearish engulfing pattern. A strong bounce from the 38.2% Fibonacci retracement level at $351.80 on the daily chart suggested temporary support. A small doji formed at $340.00 in the final candle, indicating indecision and potential consolidation near the 4-hour low.

Moving Averages

On the 15-minute chart, the price remained above the 20-period MA for most of the session, indicating short-term bullish bias early on. However, the 50-period MA crossed below the 20-period MA in the final hours, signaling a potential bearish shift. On the daily chart, the 50-period MA crossed above the 100-period MA, reinforcing a longer-term bullish trend.

MACD & RSI

The MACD showed bearish divergence in the last two hours, with price making a higher low but the MACD declining, hinting at weakening momentum. RSI reached overbought levels in the early part of the session and dropped to oversold territory in the final hours, suggesting aggressive corrections and potential exhaustion on both sides of the trade.

Bollinger Bands

Volatility expanded early with price reaching the upper band during the bullish surge. Later, volatility compressed as the price remained within the bands near the lower band, suggesting potential for a breakout or a continuation of the current range. The 20-period Bollinger Bands showed a narrowing range in the final 3 hours, hinting at a possible breakout event.

Volume & Turnover

Volume surged during the 19:45–20:45 ET window, aligning with a significant price drop from $375.70 to $351.30. Notional turnover spiked in tandem with this volume surge, confirming the bearish price action. However, in the last 4 hours, volume declined despite price moving lower, indicating weakening conviction on the bearish side.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the major swing from $337.20 to $375.70 appeared to hold as a strong support level around $349.50. A secondary 38.2% retracement at $351.80 also played a role in stabilizing the price during its downward trend.

Bittensor (TAOUSDT) appears to be consolidating near the lower end of its recent range, with key support levels in play. A breakout from the recent Bollinger Band contraction could signal renewed momentum either bullish or bearish. Investors should remain cautious of the diverging MACD and volatile volume patterns, as these could hint at unpredictable swings in the near term.