Bitcoin has broken down from a pennant consolidation pattern. We are currently finding support at $38.4K which could mark the formation of a new technical level. It appears that BTC is just not ready to break through the $40K boundary which has proven difficult for it and remains a hard upper bound to its recovery. If we can't sustain current levels, we will find further support in the mid $30K handle at $37.7K and $36.7K. If we can muster another burst of momentum, then $40K is still the level we must break to confirm that we are back to bull mode
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