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: 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

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

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 topmagazinewire.com 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.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami