The analysis focuses on Bitcoin's daily chart, noting that the price is respecting Fibonacci areas. The price has been constrained by a Fibonacci resistance area for the past few weeks. The rally towards the point of control at around 118k was reached, corresponding to the 61.8% retracement level at approximately 117,500, identified as an ideal resistance for a B-wave. The rally was a three-wave move, indicating the market did what it needed to in the rally. The risk was high that we would start a C-wave decline from there with a target of around 102000.