Nevertheless, the resistance has been formed at 40k satoshis, that is 38.2% level, where 200 Moving Average was rejected multiple times.
The levels are formed and break above or below is required for EMC/BTC to establish further direction. Currently the consolidation could be the case, that will take a number of days.
But it is important to watch for the breakout, either above resistance or below support. Break below the support should result in a continuation of the downtrend, potentially sending price down to 27k satoshis area. And the break above the 40k psychological resistance might be the long waited confirmation of the uptrend.