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.
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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.