The drop in Bitcoin has been too large. Currently, it's considered to be in wave 5-4, rather than in wave 5-3-4.

This way, both Bitcoin and Ethereum are in wave 5-4, which synchronizes their trends!

If Bitcoin does not break below 115720, we will continue to look for wave 5-4 adjustments followed by wave 5-5 to reach a new historical high. Support is at 117400-117930.

If Bitcoin breaks below 115720, then the rebound after 111920 will be a zigzag adjustment wave, meaning it will not reach a new historical high, and 122335 would just be a false breakout. The stochrsi indicator is around 92, so it is also possible that we are near the peak.