![Analysis_Logo Resize.png](https://cdn.steemitimages.com/DQmPGS4NFos8KZvW7KRjkYs21czufu92Vr9qooFwGNJm5vc/Analysis_Logo%20Resize.png)
### Bitcoin has bounced slightly off the $6,880-$6,750 support. It rose to yesterdays high before hitting resistance. If bitcoin can break above $7,200, I believe it will quickly rise to $7,400. Today’s daily candle looks very bullish, but we don’t have the volume to back it up.
![Screen Shot 2018-08-07 at 3.08.29 PM.png](https://cdn.steemitimages.com/DQmacX7VJ3Gw11fp6TtX3jPWchLny2Eo6DorWDvF2gkFJyM/Screen%20Shot%202018-08-07%20at%203.08.29%20PM.png)
### Looking at the daily chart, we can see price is still sitting on top of the 50 day MA. If price decisively drops below, I expect a rapid drop to $6,350. The 8 day EMA dropped below the 21 day EMA...showing continued weakness. 
![Screen Shot 2018-08-07 at 3.03.11 PM.png](https://cdn.steemitimages.com/DQmREmZqvdc7GNfm7EZgBD1iZxjFitHpHCk4M6iNSZGQ3Ce/Screen%20Shot%202018-08-07%20at%203.03.11%20PM.png)
### I see 2 very possible, but very different counts in play. If we see volume increase and new buyers enter the market, we can expect a very impulsive third wave. Mixing in a little fundamental analysis...I believe new buyers are waiting for bullish news from the SEC. If such news comes out...or rumors of such news, I’d target the 1.618 fib for wave 3. That would be approximately $11,320 depending on your exchange. Here’s how it might play out:
![Screen Shot 2018-08-07 at 3.23.10 PM.png](https://cdn.steemitimages.com/DQmW2sHkC5T7nJQk4t6mqi6cS5ZS6XqacG8QZSw5LZN9Wb4/Screen%20Shot%202018-08-07%20at%203.23.10%20PM.png)
### From a bears perspective we're also seeing market structure. The latest bull run up to $8,500 bounced perfecting off the 0.618 fib...suggesting the bears still have a good amount of control. If this count is accurate, we could see a slight rise to complete wave 4, followed by an impulsive wave 5 that targets approximately $5,803. 
![Screen Shot 2018-08-07 at 3.17.28 PM.png](https://cdn.steemitimages.com/DQmYxUr2dgtVTf4ZsJchzUPU54tiv3okdKjuQTTqpstRJSw/Screen%20Shot%202018-08-07%20at%203.17.28%20PM.png)
### In today’s video analysis I discuss...short term price movement, traps to avoid, where I’m considering entering a position and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story. 
## Video Analysis:
https://youtu.be/tmecCPPlJgc
#### *If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.*
### BIAS:
**Short Term: Neutral**
**Longterm: Very Bullish**

**I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!**
### *Workin*
## **If you found this post informative, please:**
![upvote.gif](https://steemitimages.com/DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk/upvote.gif)

**If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853** 

**Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here,  free of charge: https://brave.com/wor485**

**Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005. Also, make sure to check out TIMM (Traders & Investors Mentor Market), a STEEM based platform for traders and investors of all levels. You can find the link to TIMM below.**
---
**Published on**
<center><a href="https://mentormarket.io/"><img src="https://cdn.steemitimages.com/DQmXuk9bWMiPgXdowVfh4JBSGUXMqQkLa1u7ANwzTssgp25/250%20blue%20Overlay%206.png" alt="mentormarket.io" /></a>
by [Workin2005](https://mentormarket.io/profile/@workin2005?aff_id=Workin2005)</center> 
---
<center><a href="https://mentormarket.io/legal/termsandconditions"><img src="https://cdn.steemitimages.com/DQmY5feG75MDWS57aX2rSUUa8bhzcZEyb5XKZCHY7FUzmXn/Disclaimer.png" alt="https://mentormarket.io/legal/termsandconditions" /></a></center>