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

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:

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.
— 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

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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