Bitcoin's current respect for overbought and oversold signals is roughly 50-50.

In other words:

Shorting near previous highs is difficult, but you can still make a little profit;

Going long near previous lows makes sense with moving average logic, but the psychological pressure is quite significant.

What really needs to be cautious, and is particularly painful, is being in a position with no clear direction.

Entering trades in this kind of range is likely to result in losses both ways, leading to a frustrating experience...