Bitcoin is currently moving into a resistance area around 117253, but hasn't decisively broken above the 61.8% retracement level. The presenter points out a volume profile indicator, specifically the Point of Control, at 118000, suggesting this level acts as a magnet. According to Elliott Wave analysis, the market is currently in a B wave rally, aiming for higher prices, but with resistance present. He notes if Bitcoin experiences a five-wave decline breaking below micro support, the trend would shift. He emphasizes the importance of Elliott Wave structures over speculating on events like Fed interest rate decisions. He shows that the 21 week EMA which has provided support through the current cycle is at 95000. On the 30 minute chart the trend channel is still followed. A potential fifth wave target resides around 118500. However, a five-wave move down below yesterday's low would strongly indicate a top. To become more confident in the described white scenario, he expresses the necessity for the market to extend towards the 138% level to reach the long term targets for the continuation of the uptrend.