![Analysis_Logo Resize.png](https://cdn.steemitimages.com/DQmPGS4NFos8KZvW7KRjkYs21czufu92Vr9qooFwGNJm5vc/Analysis_Logo%20Resize.png)
### Bitcoin has been consolidating within a wedge for the past 48 hours. It looks ripe for a breakout, up OR down, in the near future. If price breaks down, bulls will watch for a double bottom bounce around $6,100. If this support breaks decisively, a drop to $5,900 is likely. If price breaks up, bears will hope for a double top around $6,630. If price can break above this, we can expect a test of the $6,750 resistance. 
![Screen Shot 2018-08-10 at 4.23.00 PM.png](https://cdn.steemitimages.com/DQmW9oy4xt1MWEDGQ8FvC1c9NmUcmKF4hLXEhT8xajQFetR/Screen%20Shot%202018-08-10%20at%204.23.00%20PM.png)
### The 4 hour RSI reveals a clear descending resistance that's been tested multiple times. A break above this resistance may indicate a bullish shift in momentum. 
![Screen Shot 2018-08-10 at 4.28.07 PM.png](https://cdn.steemitimages.com/DQmZADKM7w5rcGdzWNXtYhkt2RhbmAJyy2d4KRySewgoSmB/Screen%20Shot%202018-08-10%20at%204.28.07%20PM.png)
### Looking at the 1 day chart, we can see the 8 day EMA has dropped below the 50 day MA. The 21 day EMA has dropped below the 55 day EMA. These are more signs of market weakness. 
![Screen Shot 2018-08-10 at 4.41.06 PM.png](https://cdn.steemitimages.com/DQmXfRySG1BdPmQ7EDiJHiiRkDs4kzarcEcUnpnv6hsFVbh/Screen%20Shot%202018-08-10%20at%204.41.06%20PM.png)
### Shorts are stacking in nearly a straight line. This suggests market makers may go stop hunting, driving the price up temporarily, before a larger drop. 
![Screen Shot 2018-08-10 at 4.30.48 PM.png](https://cdn.steemitimages.com/DQmNXrXjLxGTsprENNxf1cm5uLrv3zZ1keaqevuQg7K7XmQ/Screen%20Shot%202018-08-10%20at%204.30.48%20PM.png)
### In today’s video update I discuss traps to avoid, price movement, preparation for various scenarios 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/6xvu4OBbej8
#### *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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