Bitcoin (BTC), which was halted at $59,000, saw its support return to higher levels on Nov. 30, after it’s latest price rebound.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
RSI sees “bullish engulfing”
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD reversed overnight to $55,920 at Bitstamp.
Analysts maintained their faith in higher timeframe strength and the pair recovered to $56,500.
TechDev, a popular Twitter personality, noted that Bitcoin’s stochastic absolute strength index (Stoch RSI), had “reset” to levels which echo BTC/USD at $44,000 just before the run that culminated in record highs.
He summarized the 3-day chart as “Bullish Engulfing Print on Stoch RSI Cross with RSI Reset to 44K Levels”
Bitcoin’s Monday late strength coincided with a return of form for macro markets, and news that Jack Dorsey, the CEO of Twitter, had resigned to concentrate solely on Bitcoin activities.
Bulls still have a long way to go before they can afford $60,000, but there were signs that sentiment was shifting.
“Bitcoin’s high timeframe structure makes it bullish. TechDev also added that cycle awareness is important.
With a score of 40/100 on Tuesday, the Crypto Fear & Greed Index was seen as moving into its neutral zone.
Crypto Fear & Greed Index. Source: Alternative.me
BTC and Ethereum fail to breakout
The picture for Ether (ETH), against Bitcoin was mixed.
Related: When will BTC cease to exist in November 2021? Five things to keep an eye on in Bitcoin this week
Altcoins had a flat 24 hour performance, so Crypto Ed pointed out a rising wedge pattern in the 4-hour timeframes of ETH/BTC. Similar characteristics were observed in the weekly chart.
ETHBTC is still in the rising wedge, but there has not been a break out imo. The overnight RSI down trend breaking is a bullish sign. It may break out but I’m not bullish as long as it doesn’t. pic.twitter.com/Mcty5cTmYy
— November 30, 2021, Crypto_Ed_NL (@Crypto_Ed_NL).
Due to their tendency to fall to the side, rising wedge structures can be seen as a potential warning sign.
The price of ETH/USD was $4,400 at the time this article was written, but it has risen 7.3% in the past week.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Eileen Wilson –Technology and Energy
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