Large resistance point at $2.30 + Elliot wave should be cautious

We're currently at the 1.6 extension compared to the last high and low. With such a large point of resistance here will we see a 5 wave elliot pattern? If so we'd retrace to the $1.4-1.6 range.The ideal alternative is we break the $2.30 resistance level and head towards $3.5 with a parabolic move. This will rely heavily on how Bitcoin behaves and if it sets a new high or if it heads lower in the process of it's current drop.