$TAO looking heavy on the daily. Sitting at $215.93 after getting rejected again near the 7 and 30-day MAs (230-236 zone). We’ve been in a clear downtrend since the 332 high, grinding lower with lower highs and lows. That bounce off 184 held for now, but we’re struggling to reclaim the moving averages.

RSI at 40.5 is neutral but not screaming oversold yet, and MACD is still negative with a weak histogram. Volume on the latest red candles has been decent, showing sellers are still active.

Immediate resistance is 230-236. A clean break and hold above there would shift structure bullish and open the door to 240-250. Support is back at 200-205, then the 184 low.

Bias is still cautious to bearish short-term until we see higher highs. Watching for any strength on the next bounce — if it fails again at the MAs, we could see another leg down. Staying patient here.