Hi friends hope you are well, and welcome to the new update on Bitcoin.
Recently Bitcoin has broken down a descending triangle and a $19500 support. But this $19.5k support is very significant therefore, we need wait for the closing on a daily time frame.
On a weekly time frame, Bitcoin is moving between 200 simple moving average and a 300 SMA. During the drop of March 2020, BTC 1st time touched weekly 300 SMA. Now we need to see if the next weekly candle opens above the price of the previous week's lowest value, then it can be the 1st signal for Bitcoin bottom. Then we need the MACD to give atleast week bearish signal, because at the moment it is strong bearish.
You can watch a detailed analysis in the video.
▶️ 3Speak