Indicator Suggests Bitcoin is Overbought; $13,300 Could be Imminent

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Bitcoin is currently struggling to hold above its crucial $16,000 support level as buyers and sellers both fight for control of its near-term price action Where it trends next will likely depend largely on the continued reaction to this level, as a sustained decline below it could strike a serious blow to its technical outlook One trader is noting that one technical indicator is suggesting that Bitcoin is overbought at the present moment The same indicator shows that a move to $13,300 could be imminent, as this is the next key support level for the cryptocurrency – according to its Ichimoku Cloud Bitcoin and the aggregated cryptocurrency market have been struggling to maintain their momentum throughout the past 12 hours or so. The selling pressure faced above $16,000 hasn’t been too intense, but bulls’ waning strength has caused it to drop below this level. Buyers are ardently attempting to reverse…

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