RATE Group | Warning! Bitcoin Could Spiral to $9,000 with Flailing Overheated Indicators
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Warning! Bitcoin Could Spiral to $9,000 with Flailing Overheated Indicators

11 Jul Warning! Bitcoin Could Spiral to $9,000 with Flailing Overheated Indicators

Posted at 13:46h in Bitcoin News by

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Bitcoin’s parabolic ascent looks unstoppable. Recently, every correction has been seen as an opportunity to buy heavily on dips. This week, the number one cryptocurrency is up by as much as 15 percent and it looks like bulls are gunning for the 2019 high of $13,868.44.

The atmosphere is so bullish that CryptoTwitter is starting to feel euphoric. One cryptocurrency trader and investor that goes by the name Josh Rager shared an image of a majestic bull with a caption “$13k $BTC” to illustrate the strength of the uptrend.

While bulls are celebrating, an examination of bitcoin in both the short-term and long-term timeframe reveals that bulls are running out of steam. Indicators look overheated, which makes a retracement down to $9,000 a very likely scenario.

Bitcoin Flashes Classic Bullish Exhaustion Signals on the Weekly Chart

The first cryptocurrency soared from $4,000 levels in March 2019…

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