![Analysis logo.png](https://cdn.steemitimages.com/DQmbr6sL1CCknNr63LcQhWD4G9CE1R6p5iKrebioH73BGUj/Analysis%20logo.png)
### As of writing this update, the bulls have successfully been able to defend the 0.618 fib level (approx $6,811 depending on your exchange). Price is pounding away at the top of the support zone between $6,870 and $6,750. It can only test this level so many times before the level will break. That said, price has yet to actually test the 0.618 fib. Until this level is broken, I remain hopeful the bulls can turn this thing around...but I’m preparing for the worst.
![Screen Shot 2018-08-06 at 1.58.13 PM.png](https://cdn.steemitimages.com/DQmcE5nui87dqtXfRgeq5EdyhPGUZAfRbiVsuzqmmAh6f8k/Screen%20Shot%202018-08-06%20at%201.58.13%20PM.png)
### Looking at the 1 day chart, we can see the 50 day MA is still acting as support. If this breaks decisively, I believe price will quickly drop to at least $6,500. 
![Screen Shot 2018-08-06 at 1.58.49 PM.png](https://cdn.steemitimages.com/DQmfDmJ9n8EF96A1Hg14Qq6T9UnYVnawGj7HcPqBBdPJ679/Screen%20Shot%202018-08-06%20at%201.58.49%20PM.png)
### In today’s video analysis I discuss what must happen for a sustainable bull run. I review how I’m planning to trade this market, regardless of which direction price moves as well as traps to avoid 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/TASoEcNAFjw
#### *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: 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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