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

MacroThe low PMI data confirmed that the economy is likely to shrink in September (which is already a historically red month) causing a big sell off ahead of I guess the expectation that the rest of the data dropped this week will be bearish.About 1tn was wiped off trad. markets and I think the fall in crypto was just collateral damage.Later today (3pm GMT) we get the JOLTs data (job openings). Forecast is 8.1 and for us the higher the number the better.JOLTsForecast 8.1 = Priced in <8.1 = Bearish>8.1 = BullishTechnicals If we can get some positive data re jobs we could easily reverse course. It’s definitely not the chart or price action that’s determining the next move it’s the economic data.What we can identify though from the chart are the support areas and 54.5k - 55.7k looks to be the key support locally. If that breaks I’d short!