![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)
### During my last video update (titled...“Time to Put Up or Shut Up”), I discussed the strong possibility of an impulsive bounce. Price reached the 0.618 fib level right as it intersected with the ascending resistance line. If there was ever a time for a breakout, that was it. Since then, we’ve seen the bounce up to test the $6,600 resistance. 
![Screen Shot 2018-07-16 at 2.02.01 PM.png](https://cdn.steemitimages.com/DQmSBjuse96YnnsKf4uPLFKj5HVee7ZN44xzAmEhLBj7xv2/Screen%20Shot%202018-07-16%20at%202.02.01%20PM.png)
### Now we have to wonder if the inverse head and shoulders will come to fruition. We have all the ingredients for it to complete. Short term, I’m expecting a pull back to around $6,600. From there, I believe bitcoin will likely take another run at the $6,800 resistance. The target for the inverse head and shoulders is about $7,540 (watch video below for more detail). I expect some consolidation before the breakout. Here’s how it might play out. 
![Screen Shot 2018-07-16 at 1.55.59 PM.png](https://cdn.steemitimages.com/DQmUjiddy3nXG71D145EqrLjUHUNH6oVSDDfTwsjCXvkGyx/Screen%20Shot%202018-07-16%20at%201.55.59%20PM.png)
### From an Elliot perspective, this looks like the start of a strong 3rd wave. We need to see volume continue to increase if this is to play out. Assuming volume does continue increasing, a logical target for wave 3 is the top of the $7,700 resistance (1.618 fib). 
![Screen Shot 2018-07-16 at 1.58.06 PM.png](https://cdn.steemitimages.com/DQmRqSoRhM1ZZM3pPbr9Ub1PNGgRZLQgJSVrPvdoGWxQS3k/Screen%20Shot%202018-07-16%20at%201.58.06%20PM.png)
### Looking at the daily chart, we can see price has broken above the 8 day EMA (blue line) and 21 day EMA (yellow line). Ideally, we’d like to see the daily candle close above the 21 day EMA, signifying this latest rise has legs. 
![Screen Shot 2018-07-16 at 1.52.13 PM.png](https://cdn.steemitimages.com/DQmaEKG7sENrAHoDnZTR1Q3v4BLJPyy8zWVrp4WTzpEAEk5/Screen%20Shot%202018-07-16%20at%201.52.13%20PM.png)

### Watch my video analysis for MUCH more detail not found above.
## Video Analysis:
https://youtu.be/ve1Ob9h8-L4
**BIAS:**
**Short Term: Bullish**
**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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