![Screen Shot 2018-06-15 at 6.20.45 PM.png](https://cdn.steemitimages.com/DQmbr6sL1CCknNr63LcQhWD4G9CE1R6p5iKrebioH73BGUj/Screen%20Shot%202018-06-15%20at%206.20.45%20PM.png)

### In my update a couple days ago (titled: Are the Bulls Back in Town?), I said wave 3 may not have seen it’s top. I discussed a logical target for the 3rd wave was $7,700 (1.618 fib level). Here’s a screen shot from that update showing my target:
![Screen Shot 2018-07-20 at 1.55.58 PM.png](https://cdn.steemitimages.com/DQmWubXnsKEZGkFqYXEm3VLsPzwJsj6JmkpCrkjh76ZXLEj/Screen%20Shot%202018-07-20%20at%201.55.58%20PM.png)
### Today, we hit that target dead on before starting to correct. In my video update yesterday (titled waiting for a correction), I said bitcoin was likely to have 1 more push up before correcting. I said if that happens, it'll likely get rejected near the top of the descending resistance line (a.k.a $7,700-$7,800) and fall at least $300-$400. I told you I was waiting for that trade set up to short btc. Today, that’s exactly what happened. If you decided to take that trade, congratulations!
### This market could breakout at any point. If it does, all this technical analysis will get thrown out the window. Until then, we have to expect a correction to complete wave 4. A logical target for wave 4 is between $7,100 (0.382 fib) and $6,900 (0.5 fib). Here’s how this might play out:
![Screen Shot 2018-07-20 at 2.11.21 PM.png](https://cdn.steemitimages.com/DQmf4kqw9rPZAhLCccRtSe387M5c66pVbhtdseKf916xvLK/Screen%20Shot%202018-07-20%20at%202.11.21%20PM.png)
### I find it interesting that the 4 hour RSI is nearly overbought (although has dropped below 70) while the Stoch RSI is still oversold. This suggests a possible continuation to the upside in the near future...but it doesn’t mean that’s going to happen before a healthy correction. 
![Screen Shot 2018-07-20 at 2.17.16 PM.png](https://cdn.steemitimages.com/DQmZoTpYkHe6U6qZfqHSUDw9cYHW4QftBHoNLWBfKourLMD/Screen%20Shot%202018-07-20%20at%202.17.16%20PM.png)
### We may see a double top to test the $7,700 resistance, only to have an even stronger rejection. Should bitcoin break above the yellow descending resistance line, I would expect a quick rise to at least $8,200. That said, we aren’t there yet. 
### Watch my video analysis for MUCH more detail not found above. If you’re not watching my videos, you’re only getting half the story. 
### *If you’re viewing this on a site like SteemFollower, you won’t see the below video. Navigate to Steemit in order to click on and watch my video analysis.*
## Video Analysis:
https://youtu.be/cYI2tQwuSgw

**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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