After the Grayscale Bitcoin Trust ETF’s historic spike to new highs, it would be natural for investors to get spooked by a bearish daily chart pattern on the day after its most extreme “overbought” reading in more than six years.
Chart watchers try to put a rally like that in historical perspective by tracking the relative strength index , a momentum indicator that measures the relative magnitude of recent gains and losses. Monday’s RSI close was the highest seen for the ETF since it peaked at 88.01 on Dec. 18, 2017, when its price closed at a then-record high of $38.05. The fund plummeted 89.9% over the next year, to close Dec. 14, 2018 at $3.84.
That first time was a 91.06 close on Nov. 14, 2015. While there were no closes above 85 in 2016, there were nine others in 2017 before that final reading on Dec. 18. On Monday, Grayscale Bitcoin Trust opened at $58.45, and traded in an intraday range of $$58.39 to $60.70, before closing at a record high of $60.38.
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