Technical analysis by SignalsProvider about Symbol BTC: Sell recommendation (9/4/2024)

The chart for BTCUSD indicates a potential short opportunity based on the Elliott Wave analysis. Wave (c) is targeting Fibonacci levels at 0.771 (55602) and 1.0 (53945), suggesting a downward continuation. This aligns with the corrective phase, indicating that further downside movement is possible. If you're considering a short position, potential take-profit levels could be set at these Fibonacci retracement points. Additionally, a stop loss could be placed above recent highs to manage risk. This analysis points towards a bearish sentiment in the short term for Bitcoin against the US Dollar.