The analysis is on Bitcoin, focusing on the daily timeframe. Bitcoin is attempting to form a local low, suggesting a potential micro five-wave move down. A five-wave decline is viewed as a signal that wave C has begun, potentially leading to a series of lower lows and lower highs. Key levels for resistance are identified around 114857. From an Elliott Wave perspective and risk management standpoint, shorting at the top of the five wave decline would have a reward to risk ratio. The analyst indicates potential targets and invalidation points; if the price breaks past 114857, that would invalidate the bearish forecast. The speaker also talks about levels the price is respecting from the daily time frame.