Bitcoin is under strong selling pressure after breaking below the range zone of $45000 and $52,000. Yesterday we marked the local support of Bitcoin at $40000 and today the price is aiming for a test of that level. There will be buy orders waiting at $40,000 support so we might see a sharp spike. If we see the support level broken in a meaningful way, perhaps on NFPs, it could break the head and shoulder pattern, triggering a huge bearish decline. Bitcoin has resistance at EMA 100 near $45,000 and the next Support level is below $35,000, fib 1.272.
