The analysis focuses on the BTCUSDT pair using Elliott Wave theory on a 30-minute timeframe chart. The current price is approximately 112348. It suggests that a pullback is occurring, and the market has not taken a direct route higher. Additional data points are being used to add microstructures to the chart. A potential wave two is being tracked to the upside, and the pullback from the intraday high resembles a three-wave move down. The analysis expects a 100% extension level at 114604. A support area is identified between 111480 and 112500. The orange scenario tracks an A, B, C wave structure with a support area because 1-2 setups give very clear parameters. The condition for this scenario is holding above 111480. Should the price break below this level the analyst will expect a larger top with decline to the downside. For the orange scenario the target is 115700. Below 109800 there wouldn't be really anything that will support another corrective bounce.