In 5 minutes of trading yesterday, Bitcoin pushed through its $45.5k resistance level to close up 5.19% higher on the day at $46.8k. A very impressive 5 minutes, indeed. However, overall volume for the day was below average.

Today, price struggled at the first level of resistance, pulling back from $47.5k, while the RSI moved up to touching the over-bought level.

With multiple levels of resistance between the current price and $52.3k it looks like BTC might be hard pushed to get beyond $49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around $28.5k, with a correlation of Fibonacci projections.

What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?