Chasing Bitcoin Now Is Likely a 'Very Late Trade': Analyst

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin, the leading Cryptocurrency by market value has gained over 40% in the last four weeks and is trading just 12% short of its record high. As of early this morning in these bullish market conditions, traders and speculators who missed that initial early rally often jump in headfirst using riskier leveraged products like futures to maximize gains. If you're one of those people, you might want to consider this news and analysis website. The market year said in their Thursday newsletter, quote Bitcoin RSI at 88 we have not seen RSI this overbought and Bitcoin trading at these absolute levels ever and quote they added that chasing it here looks like a very late trade RSI is a momentum indicator that measures the speed and change of price movements over a set period. A reading above 70 reflects overbought conditions or a situation where the assets price has seen a long run of successively higher prices or rallied a little too fast and might correct lower soon that said RSI is not the Holy Grail markets often maintain a strong upward trajectory for days and weeks. Keeping the RSI above 70 for a prolonged time. That's a wrap for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.