Bitcoin cools from 1-week highs with key long-term metric echoing $44Okay
Bitcoin (BTC) returned to higher support on November 30th after the recent comeback in BTC price was stopped at $ 59,000.
BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView
RSI sees “bullish engulfing”
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD returned to local lows of $ 55,920 on Bitstamp overnight.
The pair then rebounded, hitting a circle of $ 56,500 at the time of writing, with analysts sticking to a higher timeframe strength.
Popular Twitter personality TechDev noted that Bitcoin’s Stochastic Relative Strength Index (Stoch RSI) had been “reset” to levels reflecting BTC / USD at $ 44,000 – just before the run that culminated in all-time highs.
“Bullish engulfing printed on Stoch RSI Cross with RSI reset to 44,000 levels,” he summarized next to the 3-day chart.
Bitcoin’s late strength on Monday coincided with a return to shape for macro markets and news that Twitter CEO Jack Dorsey had left the company to focus entirely on Bitcoin operations.
While $ 60,000 remained unreachable for cops, there were signs of a marked shift in sentiment everywhere.
“Bitcoin high timeframe structure is bullish. Cycle awareness is key, ”TechDev added in a separate post.
The Crypto Fear & Greed Index, which was in the “extreme fear” range days ago, appeared to be entering its “neutral” zone on Tuesday with a score of 40/100.
Crypto Fear and Greed Index. Source: Alternative.me
Ethereum avoids breakout against BTC
The picture was mixed for Ether (ETH) versus Bitcoin.
Related: Where does BTC end in November 2021? 5 things to see in Bitcoin this week
With altcoins showing a largely flat performance in the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern in the 4-hour timeframe for ETH / BTC. The weekly chart showed similar characteristics.
Still in that ascending wedge and no breakout imo.
The bullish sign is the break of this RSI downtrend overnight.
As I said in previous tweets, it can break out, but until it does, I’m not yet optimistic. pic.twitter.com/Mcty5cTmYy
– Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021
Rising wedge structures are often viewed as a potential bear flag because of their tendency to break down.
ETH / USD was trading at $ 4,400 at the time of writing but is up 7.3% over the past week.
ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView