Due to BTC that keeps breaking the resistance barriers I believe that it has yet to reach its major deviation resistance barrier which might lie between $3850 - $ 4000. We see in August a possible Elliott 5 wave forming which could lead to a major regression in middle to late August to the areas of $3400 - $3600. Thus I would advise traders to put in medium term shorts in:
Target Short: $3800 - $4000
Target Take Profit 1: $3600 - $3700
Target Take Profit 2: $3400 - $ 3600
Optimal Take Profit should be $3500 to $ 3650
Stop Loss: $4150
Target Short: $3800 - $4000
Target Take Profit 1: $3600 - $3700
Target Take Profit 2: $3400 - $ 3600
Optimal Take Profit should be $3500 to $ 3650
Stop Loss: $4150
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.