On the other hand, the rate managed to rebound from the blue just above the target level at $ 5,540. The $ 300 was missing so that the price hit the Fibo cluster.
From the theory perspective, the price tests the bottom ( gold ) and tries to break above it. The $ 5,962 level is now the most important technical support, with the support of $ 7,213 remaining. The next resistance tested is $ 8,160. Beating over this resistance can cause a gunfire towards very important levels at $ 9,222 - $ 9,515. Only breaking above these levels opens the way for further growth.
Second wave (X) of a higher degree is in progress now.
Currently, the most important resistance zone is the area between $ 10,000 - $ 10,557. In this area, I expect a price reaction in the form of a backwater or even a reversal of the upward trend.
The alternative scenario assumes, of course, a long-term hole at the level of $ 5,830 and the current upward movement will be treated as the beginning of a new impulsive wave of growth. The problem is that at smaller intervals of this impulse you do not see too much, too many TFE rules are annulled.
The order for closed increases, so far observation.
Last year we had segwit, hard fork, futures and possible ETFs. this year we have exchange bans, mining bans, regulations, AML & KYC, and impending G20 countries joint strict regulations/action.
This correction is not over. We will probably see BTC fall below the all time charts, i.e. from $0.00001 to 20k$ scale 78.6% fib level at least once. That takes BTC below 5k on every chart.
I can also see a few big exchanges shutting down this year. That will be the biggest catalyst.