This write-up will use simple trend analysis ( and MA) to establish the weakening of the bull trend. These lines should not be looked at in isolation but rather alongside some cyclic indicators (e.g. , and StochRSI) and it’ll be clear why a strong reversal is due.
In simple terms, looking at USDTBTC 1D-candle and drawing a between the lows of 15th Sept. 2017 and that made on the 12th of Nov. 2017 it will be evident that price has just hit that . Looking at this analysis alongside the indicator BTC is currently oversold. Being oversold and hitting a a bounce is expected.
Similar to the simple analysis above, the 150EMA has most often been the reversal point for BTC . If this line is violated then the 200MA holds strong, such as on the 27th of April 2017. It may be correct to state that the 200MA line is the worst case reversal point for BTC price.
Today 2nd Feb. 2018 at the time of writing this, the 150EMA was violated on the 1st of Feb 2018 so I’m of the strong opinion that the 200MA ($USDT 7,784) SHOULD hold based on history. IF it doesn’t hold then BTC has indeed popped and the moon was $19,800 unless another untested MA support exists.