Bitcoin is now staying in consolidation above 39636 short term bottom, after quickly defending 40k handle. Considering that it’s sitting just above 39559 structural support too, the consolidation could extend for a while. But outlook will stay bearish for another fall to 61.8% projection of 68986 to 41908 from 52101 at 35366 before completing the decline from 68986 high.
The timing of the downside breakout will depend on the eventual reaction to 4 hour 55 EMA (now at 43211) which it’s struggling with. A strong break above 4 hour 55 EMA will stronger rebound to 55 day EMA (now at 48230) first, and rejected there to bring down trend resumption. Meanwhile, rejection by the current level could bring downside breakout rather quickly through 396363 to the mentioned 35366 target.