TAO · 1H · UPTREND

My previous long from August 27th hit Target 1 at 266.5 and effectively reached Target 2 territory — price ran all the way to ~280 visible on this chart. That's a completed move, and I'm treating it as such. What followed is the honest part: price has pulled back hard from ~280 to current 263.3, printing lower highs on the right side of that spike and giving back a significant chunk of the breakout gain. The move from ~218 to ~280 was explosive and vertical — now I need to see where it finds a floor before I'm interested in another long. The Anthropic IPO headline driving Bittensor (TAO's ecosystem) is a genuine catalyst that explains the Aug 27–Sep 5 rip, but catalyst-driven spikes fade and I'm not chasing one on the way down.

The structure question right now is whether 260 — former swing high resistance from the August 22 peak, now potential support — holds on a 1H close basis. Price is sitting right on it at 263.3. Below that, the next meaningful cluster is 255.2 (dense liquidation), and below that 241.8. The liquidation map below price is stacked — 255.2, 241.8, 235.1 — which tells me a flush from here would be fast and deep, not orderly. Above, the road to 274.9 and 277.6 is the first real cluster zone where longs would face pressure.

I'm not touching this mid-air. Price completed the target move, pulled back into former resistance territory, and I have no confirmation the floor is in. I'm waiting for the 260 level to prove itself or break before I size into anything.