The analysis focuses on Bitcoin (BTCUSD). The current price is retesting a trend line. On smaller timeframes the trend line is more accurate. A strong reaction from this level could indicate the next leg up has started. One scenario suggests that a wave A or wave 4, which started at the all-time high, has already bottomed. However, there isn't enough evidence yet, as the move to the upside was choppy and corrective. The B wave would be a corrective rally. The area around $118,000 is highlighted as potentially relevant due to the point of control and Fibonacci resistance located there, suggesting it could act as a magnet.