If BTC breaks the current support level, it's probably going to the $42k area

This is a very important level for BTC currently.

We are around $47k and looking very weak.

We've tested this level 3 times now and every time the bounce has been weaker than the previous bounce.

Not what you want to see from a technical perspective.

Here's the 1HR chart:

(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)

As I mentioned, if we break where we are right now, stop losses get triggered and it will be a fast move to around the $42k area.

I am cautiously optimistic that we hold up here for a couple reasons.

The first is that we are now the most oversold we have been during this entire bull market.

The second is that I think the selling in tech stocks is pretty much over. Once those stop going down, it should also help bitcoin.

Plus we are going to finally be past Tax Season come Monday at midnight.

Add it all up and I'm hopeful that they are the lows right here, right now.