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