A “Serious” Bitcoin Correction to Occur if BTC Drops to This Level: Top Trader

After a five percent increase overnight, the bitcoin price is vulnerable to a major correction. A prominent trader Peter Brandt warned that a fall below a key level may trigger a serious correction.
Brandt named the 18 displaced moving average (DMA) as the important level bitcoin has to defend to prevent a large pullback. Currently, as of January 27, the 18 DMA is at $8,540 on BitMEX.
What happens if bitcoin drops below $8,540 and resumes correction?
If the bitcoin price drops below the 17 DMA a