Bitcoin cools from 1-week highs with key long-term metric echoing $44K

189
SHARES
1.5k
VIEWS


Bitcoin (BTC) returned to higher support on November 30 after the latest BTC price comeback stopped at nearly $ 59,000.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView

RSI sees “bullish engulfment”

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD reversing at local lows of $ 55,920 on Bitstamp overnight.

The pair then recovered to $ 56,500 at the time of writing, with analysts remaining confident in a higher time force.

Popular Twitter personality TechDev noted that Bitcoin’s Stochastic Relative Strength Index (Stoch RSI) had “reset” to levels that echoed BTC / USD at $ 44,000 – just before the run, which peaked at unprecedented heights.

“Bullish engulf imprinted on stoch RSI cross with RSI reset to 44K levels,” he said abstract next to the 3-day chart.

Bitcoin’s late strength on Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had leave the company focus entirely on Bitcoin activities.

While $ 60,000 remained beyond the reach of the bulls, signs of a marked change in sentiment were everywhere.

“Bitcoin’s high time structure is bullish. Knowing the cycle is key,” TechDev added in a separate station.

The Crypto Fear & Greed Index, a few days ago in “extreme fear” territory, seemed poised to enter its “neutral” zone with a score of 40/100 on Tuesday.

Crypto fear and greed index. Source: Alternative.me

Ethereum Avoids Breakthrough Against BTC

For Ether (ETH) versus Bitcoin, the picture was mixed.

Related: Where Will BTC End In November 2021? 5 things to watch in Bitcoin this week

While altcoins have seen broadly stable performance over the past 24 hours, Crypto trader Ed has highlighted an uptrend on the 4 hour time frames for ETH / BTC. The weekly chart produced similar characteristics.

Rising wedge structures are often seen as a potential bearish flag due to their tendency to break downward.

ETH / USD was trading at $ 4,400 at the time of writing, nonetheless up 7.3% in the past week.

1 hour ETH / USD candle chart (Bitstamp). Source: TradingView