The crypto index looks over bought

I hate to say it but it looks like the index is in need of a retracement.

Please note that cryptocurrencies are speculative assets which carry a very high degree of risk and any speculation in such assets can result in a complete loss of capital. This idea is shared for educational purposes only and should not result in speculative decisions in any digital asset.

Comment:

Definitely got that one wrong. The problem with the crypto market is that its relatively small and can be significantly influenced by both whales and social media (less so traditional media at this point).
What i take out of this is that you need to be mindful that momentum can continue to run meaningfully beyond what the signals suggest.