The analysis focuses on the short-term chart for Bitcoin (BTCUSD) on a one-hour timeframe. The speaker discusses a potential five-wave decline, suggesting that such a pattern would confirm a major top formation. A support zone is identified between $101,569.85 and $112,954.34. A key line in the sand is set at $101,569 for this scenario. The speaker mentions adjusting a support zone based on the price action, noting that a previous zone isn't invalidated but refined. Due to the price retracing to the August low, and microstructures misaligning with a 1-2 setup, it is assumed a larger wave 4 is unfolding. A five wave move down is necessary to confirm a major top, or it is not possible to confirm such level. The speaker points out that, unless a break above $115,948.63 happens, downward pressure will continue. Fibonacci support is noted at around $112,954. A WXY structure with an ABC within Y is possible. On a 15 minutes chart, a five-wave move down on Wave C, and that micro support levels could lead the price to 111k. A breakout of the green line near 114k would indicate a low has formed.