![Analysis_Logo Resize.png](https://cdn.steemitimages.com/DQmPGS4NFos8KZvW7KRjkYs21czufu92Vr9qooFwGNJm5vc/Analysis_Logo%20Resize.png)
### Earlier the market makers drove price up to $6,900 trying to liquidate shorts. While they were able to take out some, the vast majority of retail investors held onto their short positions. Price is now operating within a small rising channel. This may be a bear flag. 
![Screen Shot 2018-08-22 at 4.14.24 PM.png](https://cdn.steemitimages.com/DQmRYy7jPwMDaLvib61FdhgTrp5LUNkzpXSTtXhQkPaNwxW/Screen%20Shot%202018-08-22%20at%204.14.24%20PM.png)
### Shorts remained stacked. The next logical tactic might be for market makers to push price down, causing more retail investors to enter shorts, then immediately reverse course and drive it back up...trapping retail in their short positions. That said, I’m not sure it’ll work. Retail investors are getting smarter.
![Screen Shot 2018-08-22 at 4.17.01 PM.png](https://cdn.steemitimages.com/DQmWFNpaZ4v4KhfCfnED4qwfp2U9jQx64GFctcXpCGiPvDQ/Screen%20Shot%202018-08-22%20at%204.17.01%20PM.png)
### Zooming out on the daily chart, we can see the makings of a POSSIBLE bearish head and shoulders pattern. This doesn’t mean it will play out, but it is something to monitor. 
![Screen Shot 2018-08-22 at 4.21.37 PM.png](https://cdn.steemitimages.com/DQmYGcTTdZe4M8AZTHkuPt2epnu5YpTcXK4kpS5TJZNYstf/Screen%20Shot%202018-08-22%20at%204.21.37%20PM.png)
### The 4 hour RSI is operating within a rising channel. A break below this channel could indicate a drop to at least the $6,100 support. 
![Screen Shot 2018-08-22 at 4.22.57 PM.png](https://cdn.steemitimages.com/DQmXT2wYvEphMASyTRZetMG8WXgGBs6iuSYFThGTnUYP35K/Screen%20Shot%202018-08-22%20at%204.22.57%20PM.png)
### Zooming out on the daily chart, I can see 2 possible Elliot wave counts. The first has bitcoin having completed a WXY pattern, currently in 5 waves up. If accurate, it could play out like this:
![Screen Shot 2018-08-22 at 4.19.20 PM.png](https://cdn.steemitimages.com/DQmTbfaw2FrbhgxMi1S4kraY13LjWgdkic6nU4KcvsbqWEU/Screen%20Shot%202018-08-22%20at%204.19.20%20PM.png)
### My second count has bitcoin currently in a WXYXZ pattern. This would lead to a lower low and could play out like this:
![Screen Shot 2018-08-22 at 4.20.32 PM.png](https://cdn.steemitimages.com/DQmf91cBkcTD75ANyAbr3bJmghgX4ByWCMvXMuFRF5kFAYb/Screen%20Shot%202018-08-22%20at%204.20.32%20PM.png)
### In today’s video analysis, I discuss short term and longterm price movement, traps to avoid, market psychology 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/kbUsEGVTyxg
#### *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: 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*
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