The analysis is on BTCUSD and uses Elliott Wave theory. Starting in April, the price action is mapped as wave 1, followed by wave 2 and a 5-wave move culminating in wave 3. It then posits an ongoing 3-3-5 Elliott Wave flat pattern, with a focus on the C leg. A 70.2% Fibonacci retracement level at 107541 has been reached. The analyst suggests a likely manipulation, leading to a drive down towards 106993 to 105186, before a reversal. Also, this is not a completely sure thing, as the market may also go for a slightly different strategy. As such the analyst indicates that a daily close above the 9-day moving average 111165 will negate the move to the downside.