BTC/USD is currently developing a wave 3 (blue). As long as price action stays above the smaller 38.2-50% Fibonacci support zone, then price action is expected to stay in that wave 3.

In that case, price could easily go sideways and then break up north (blue arrow) for a new all-time high at the round psychological level of $25,000.

A bearish breakout, however, could indicate a larger retracement. This could start a wave 4 (blue) pattern:

• The main targets are the 23.6% and 38.2% Fibonacci retracement levels.
• A bullish bounce is expected at the Fib support (blue arrows).
• Only a break below these Fibs places the uptrend on hold (yellow circles).

On the 4 hour chart, price action has completed a wave 5 (purple) of wave 3 (pink) at the recent high.

The current retracement seems to be a wave A (purple). Price action will probably build an ABC correction or ABCDE triangle pattern.

After the consolidation pattern is completed, a breakout above the resistance would confirm the continuation of the uptrend within wave 5 (pink).

Price action should bounce at the long-term moving averages (blue box) and Fibonacci support zone, otherwise a larger retracement is taking place on the daily chart.