The analyst provides an update on Bitcoin's price action, shifting from a bullish view to bearish. On August 9th, the video describes resistance found at the 0.5 Fibonacci retracement level, and support that failed to hold at the 0.382 level. The expected movement is downward towards the 0.236 Fibonacci level and 114500, a prior resistance level, acting as new support . He is looking to prices below 115000 expecting, longs liquidation around 114500. The analyst cites how the volume, Stochastic indicators on 1H and 4H timeframes show a bearish trend, including that MACD lines have crossed red which is also bearish. This bearish outlook is valid if the price doesn't exceed 117200 invalidating the thesis.