Some indicators show that Bitcoin is heavily overbought, which could point to a downward correction in the near future.
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After the recent rally from the lows, one indicator has reached overbought levels last seen in Dec. 2017, according to Bloomberg Intelligence analyst Mike McGlone. Historically, such overbought levels have resulted in multi-week downturns and McGlone expects one to start after the recent up-move.
Many times, the signals provided by the indicators turn out to be false. More so at the bottom or the top because sentiment takes a long time to change. For the traders to become bullish after a prolonged bear…
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