The analysis begins with Bitcoin's price action, noting an initial positive start to the day followed by a retracement, resulting in minimal overall movement. The video then references an existing CME gap between 117400 and 119000, suggesting a potential price target for gap closure. Fibonacci retracement levels are noted around 118800, providing additional support areas. From intraday highs, a five-wave downward movement is observed, the analyst points the yellow scenario which considers wave one, wave two and wave three and also a potentially deeper wave four, a break of upper micro support signals a deeper pullback, possibly closing the gap. The analysis watches for a corrective bounce towards 120200-121835. If the price breaks below 114080, the analyst mentions he is not able to assume the larger correction has bottomed in August.