Bitcoin needs to hold the 21 MA on the daily

22 Feb 2021

Here you can see the last time the price action plummeted to the 21MA on the daily chart. That was the start of a descending triangle pattern. I am watching for the price to hold above the 21 MA, if not then some further downside is on the cards. Structure needs to hold the recent lows of £34-35k or we could see a drop to major support / previous resistance / price floor (according to WIlly Woo on-chain analysis) at around £30k.

3 Mac 2021

Nota

This played out perfectly. The 21MA was lost as support which meant a further drop to the major resistance which acted as strong support. It recovered from that point and is now back above the 21MA with room to breathe.