![Analysis_Logo Resize.png](https://cdn.steemitimages.com/DQmPGS4NFos8KZvW7KRjkYs21czufu92Vr9qooFwGNJm5vc/Analysis_Logo%20Resize.png)
### In yesterday’s video analysis, I warned that the $6,500 level would more than likely not hold. Price dropped to approximately $6,130 (0.8865 fib level) before bouncing. It’s currently sitting around $6,500. 
![Screen Shot 2018-08-09 at 2.13.13 PM.png](https://cdn.steemitimages.com/DQmcHv5sGFmYZ48dHVpGYMLSCpM6LphrAKgEKCPCp5LZ6bn/Screen%20Shot%202018-08-09%20at%202.13.13%20PM.png)
### So have we seen the bottom? I doubt it. The volume isn’t there...at least not yet. I believe there’s a good chance price will test $6,000. That said, we could see price rise in the short term to reset oversold indicators. Shorts are stacking. I believe the market makers may run a stop hunt to liquidate shorts before the drop to $6,000. If price rises above $6,900, I’ll be much more optimistic that the bottom may be in.
### Looking at the 1 day RSI, we can see it’s created a triple bottom at around 30.5. If it tests this point again, I believe it’ll likely break. That could bring price down to at least the prior low of $5,770. 
![Screen Shot 2018-08-09 at 2.20.13 PM.png](https://cdn.steemitimages.com/DQmQbEqHRVZrhaNJ7KjbQxxFnAhWSrhP7jWNV1ExbSx5txy/Screen%20Shot%202018-08-09%20at%202.20.13%20PM.png)
### In today’s video update, I discuss the market from a micro and macro point of view. I also briefly review my trading strategy, price movement in the short term 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/-_CtNrUnLM0
#### *If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.*
### BIAS:
**Short Term: Slightly Bearish**
**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*
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